Magazine date:
Jul 2015 A recent Sigma study shows that during the last decade, only 30% of natural disaster-related damage have been covered by insurance.
Out of a total of 180 billion USD of the economic damage reported on average per year, only 53 billion USD are indemnified.
Forecasts for the next decade indicate a significant increase in the amount of damage to be borne by victims. The latter is now estimated at an average cost of 153 billion USD .
In emerging countries where insurance has the lowest penetration rates, the uncovered claim portion is raised to 80% or even 100%.
Also according to Sigma, the trend of under-insurance is also observed for the risk of non-natural catastrophe damage.
The global coverage gap is evaluated at 68 billion USD.