Innovative insurance and reinsurance mechanisms such as catastrophe bonds, risk pooling facilities and parametric triggers are all key ways that risk mitigation can be improved in the world’s most vulnerable areas, Aon said today.

The insurance and reinsurance broker highlighted the continuing issue of the protection gap and the need for society to build greater resilience against catastrophes.

Just in the last decade, natural catastrophes have driven global economic losses amounting to US $2.98 trillion, Aon’s data shows.

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