Nat cat protection gap widened in 2019 including in North America

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Despite the fact insurance and reinsurance markets become increasingly sophisticated in their use of technology to reach customers and provide enhanced coverage, in North America, perhaps the most advanced economy in insured terms, the natural catastrophe protection gap actually widened by over 7% in 2019.

It should perhaps be considered an indictment of the efforts of the industry to close the much-discussed “protection gap”, that even the most advanced regions of the world became less protected by insurance last year.

A recent report from global reinsurance firm Swiss Re analyses the data behind global protection gap issues and found that, on a worldwide basis, insurance protection for natural catastrophes is relatively flat.

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