The global insurance protection gap, or the gap between economic losses and those that are insured, increased again in 2021, reaching a new all-time high of US $1.42 trillion, according to reinsurance giant Swiss Re.
The trend is expected to continue in 2022, with Swiss Re warning that the current inflationary environment is expected to widen the gap further this year.
Reinsurance firm Swiss Re measures insurance resilience using its sigma Resilience Index and explained today that while insurance resilience did improve in 2021, thanks to strong insurance premium growth supported by rising risk awareness among customers and governments’ pandemic-related health spending, it has still not recovered to pre-COVID or global financial crisis levels.
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