The protection gap: the benefits of self-interest

Closing, or at least narrowing, the protection gap can seem like an insurmountable task as new breaches appear while existing ones prove tricky to pin down. But, say experts, including a director at The Geneva Association, addressing the gap is essential to preserve the integrity of the industry. Intelligent Insurer reports.

“Protection shortfalls in healthcare are even more pressing than in the natural disasters space which naturally receives most of the media attention.” Kai-Uwe Schanz deputy managing director and head of research and foresight at The Geneva Association.

· $100 billion in catastrophe losses remain uninsured year after year
· Major cat events of March 2019 highlighted protection gap vulnerabilities
· Cyber protection gap 'close to 100 percent'
· 'Less than satisfactory levels of trust' in insurers allows gap to endure

The protection gap is a problem that is often described as perennial, but getting a better grip on the issue is crucial for the future credibility of the re/insurance industry, says Kai-Uwe Schanz, deputy managing director and head of research and foresight at The Geneva Association.