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A protection & innovation gap, just 38% of cat losses insured: Aon’s Eric Andersen

Global economic losses from natural catastrophes reached $343 billion in 2021, but only $130 billion of the total was covered by insurance or reinsurance, which Aon’s President Eric Andersen said demonstrates both a protection and an innovation gap, when it comes to climate risk.

At $130 billion, Aon’s estimate of global insured catastrophe losses for 2021 is higher than the $120 billion estimated by reinsurance firm Munich Re and the $105 billion preliminarily estimated by Swiss Re in December.

The $130 billion of insured catastrophe losses in 2021 was well above the 21st Century average of $74 billion and the median of $66 billion, while even being 18 percent higher than in 2020.


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