Greg Case, CEO and Andy Marcell, CEO of Risk Capital at insurance and reinsurance broker Aon, have highlighted that innovation and new alternative sources of capital are required to protect communities and assets, in bridging the gap between economic and insured catastrophe and climate losses.
Aon reported today that 2024 insured catastrophe losses reached $145 billion around the globe, which is the sixth highest figure on record.
Some 60 percent of the economic loss total, of $368 billion, was not covered by insurance, leaving another significant protection gap for last year.
Aon urges for the industry and financial community to innovate and provide for greater insurability of climate risk, which the broker sees as key for economic resilience.
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