Reinsurers failing to close protection gap
Monday, 09 17 2018, Category: Insurance and Reinsurance, Country: World
The insurance protection gap is not being closed at the pace it should be, according to Nick Frankland, UK CEO of Aon Reinsurance Solutions, largely because of re/insurers’ failure to accept additional risk in a market that currently has an excess of capital.
“Public-private enterprise is the protection gap that we all talk about endlessly, but the industry does very little about it in many spaces,” Frankland said at a press briefing on the first day of the Rendezvous event in Monte Carlo.
He explained that even in markets that are considered to have relatively high insurance penetration, such as the U.S, the size of the protection gap remains unacceptable.