Main Image Credit Aftermath of the Christchurch earthquake. Courtesy of Gabriel/Wikimedia Commons
Insurance protection gaps are fast becoming a high-priority issue for national and international security, not just one that captures headlines in the aftermath of natural catastrophes.
The coronavirus pandemic is expected to lead to the largest insurance loss of all time, overtaking Hurricane Katrina and the Tohoku tsunami. Unlike those disasters, insurance claims will come from a very wide range of policy types. And while the final bill will not be known for many years, one thing is sure: the insured loss will be a fraction of the final economic loss. This gap between insured losses and economic losses is called the ‘insurance gap’ or ‘protection gap’.
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