Yet, the economic losses from such disasters are underinsured. In what is known as the protection gap, some 70% of global losses from natural catastrophes are not insured, equating to $1.3 trillion over the past 10 years. In 2017 alone, uninsured losses for weather-related disasters were estimated to be around $180 billion. At the same time, other forms of large-scale risk, such as terrorism, cyberattacks and pandemics are also increasing, with little financial protection to address the aftermath.
Click here to read the full report written by Professor Paula Jarzabkowski, Dr Konstantinos Chalkias, Dr Eugenia Cacciatori and Dr Rebecca Bednarek