The Future of Insurance: Closing the Protection Gap
About this talk
The natural catastrophe protection gap -- uninsured losses as a share of total economic losses -- has narrowed over the past 30 years, but is remains large. Only one in every three dollars of catastrophe losses are backed by insurance, according to Munich Re.
Despite the impact of climate change, a population shift to more vulnerable areas, and the increase in severity and frequency of natural catastrophe losses, some insurers see the protection gap as an opportunity. The gap is wider in emerging markets, but consumer interest in purchasing new forms of insurance is nearly three times as high in emerging markets compared to developed markets, EY found.
Join Insider Engage, in partnership with EY, 10:30 ET/3:30 BST on Thursday, May 25, as we consider the risks and opportunities facing insurers as they focus on closing the protection gap.
Discussion questions include:
--Overview: what is the protection gap? Where is it most severe?
--How are insurers changing their underwriting to offer more protection?
--What creative new products or distribution channels are coming to market?
--What role can insurance-linked securities play?
--Are there areas or risks that are uninsurable?
--What are the challenges of launching private-public partnerships to help manage risk?
Isabelle Santenac, EY Global Insurance Leader
Gianfranco Lot, Chief Underwriting Officer P&C Re, Swiss Re
Guenter Kryszon, Global Executive Underwriting Officer of Property, Markel
Penny Seach, Group Chief Underwriting Officer, Zurich Insurance Company
Meg Green, Managing Editor, Insider Engage