Closing the protection gap

Are you aware that when it comes to natural disasters, millions of households and businesses face an ever widening protection gap?
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sigma 06/2017 Get the publication

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Interactive Tracking the protection gap

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Interactive Tracking the protection gap

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Secondary Perils

The unseen risk: USD 155 billion in 2018 alone were caused by smaller recurring events known as secondary perils.

Global insured losses in 2018

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500
Billions USD
In 2008 were caused by smaller recurring events known as secondary perils.

Potential impacts

Extreme weather events will not only impact agriculture. With continued sea level rise, storm surges may reach further inland.

  • Weather Changes

    First impacts such as the greater frequency and severity of wildfire events are already showing

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  • Climate change

    First impacts such as the greater frequency and severity of wildfire events are already showing

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  • Ocean changes

    First impacts such as the greater frequency and severity of wildfire events are already showing

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Impressions

The unseen risk: USD 155 billion in 2018 alone were caused by smaller recurring events known as secondary perils.

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The unseen risks

The combined insurance losses from natural disasters in 2017 and 2018, meanwhile, were USD 219 billion, the highest-ever for a two-year period.

  • What are secondary perils?

    USD 155 billion in 2018 alone were caused by smaller recurring events known as secondary perils.
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  • Facing the heat

    A climate risk perspective from Australia
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  • Averting a collision course with climate change

    Building climate resilience and underwriting risks sustainably
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  • A wake-up call on typhoon risk in Japan

    Typhoon Hagibis puts a spotlight on the flood risk potential in Japan
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500
Billions USD
In 2008 were caused by smaller recurring events known as secondary perils.

Risk perceptions

Behavioral research indicates that people under-estimate the risk of low-probability events such as natural catastrophes. People often fail to purchase insurance against low-probability high-loss events, even when it is offered at favorable premiums. One reason for low awareness about low-probability risks is the lack of experience with rare events.

Government can play an important role in providing risk information, for example by providing detailed and unbiased flood risk or earthquake risk maps1. Also, the expectation of government post-disaster assistance may reduce the demand for private insurance, in both developed and emerging markets.

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Secondary Perils The unseen risk: USD 155 billion in 2018 alone were caused by smaller recurring events known as secondary perils.

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On Social Media #climateresilient

The world community has acknowledged the imperative with the “Paris agreement on climate change” check some of its latest posts.

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What does this imply for agriculture in the region, particularly considering that growing this industry will be key to food security, employment and diversification of the economies in the region
Robin Lougee, Professor, Civil and Environmental Engineering, Swiss Re Institute

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We aim to reverse this trend by bringing affordable re/insurance solutions to more customers around the world.

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