Reinsurers obliged to develop new covers
Thursday, 03 22 2018, Category: Insurance and Reinsurance, Country: World
Munich Re’s Chairman of the Reinsurance Committee, Torsten Jeworrek, placed the onus on insurers and reinsurers to adapt product offerings to better suit client needs after 2017’s catastrophe levels highlighted the extent of the global protection gap (the gap between insured and economic losses post-event).
In 2017 economic losses from natural disasters were at the second highest annual loss levels on record, reaching $340 billion, and about 40%, or just $138 billion of this figure was covered by insurance.
2017 wasn’t only a record-setting year for natural catastrophe losses, it also broke records for private technology investments by re/insurers which are leading the way in InsurTech investment.