Insurance and reinsurance broker Aon’s recently published Weather, Climate and Catastrophe Report: Asia Pacific Insights, identifies global natural disaster and climate trends in the region, highlighting a large protection gap in the region.
The report reveals that natural disasters in the Asia Pacific (APAC) region in 2022 caused $80 billion in economic losses, of which only $11 billion was covered by insurance. This means that a significant $69 billion, or 86% of the total was not covered by re/insurance protection, highlighting just how large the protection gap (disparity between economic and insured losses post-event) is in the region.
According to Aon, 2022 was the fifth costliest year on record for insurers globally, with six of the top 10 events occurring in Asia Pacific.
FULL ORIGINAL PUBLICATION HERE
