Narrowing of the global protection gap was driven by heavy insured losses in the U.S. where insurance penetration reached 81%, but APAC disasters saw less than 10% of losses covered.
Responding to Queensland's proposal for a mutual insurer, Andrew Hall says a national flood risk pooling scheme and large-scale mitigation investment are needed to fix Australia's insurance affordability...
While global losses were below the 10-year average last year, APAC's persistent protection gap means only about US$9bn of its US$73bn losses were insured.
