Collaboration between the public and private sectors, beyond just insurance, is essential to narrowing the so-called protection gap, as losses from natural disasters increase, said the head of a global insurance supervisors’ organization.
The protection gap refers to the difference between economic losses caused by an event such as a hurricane, drought or massive flood and the amount of those losses that are covered by insurance.
“With the protection gap expanding rapidly, it’s becoming hard to fully address the issue through insurance-based …