An estimated $163 billion of assets are under-insured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity according to new research from Lloyd’s and the Center for Economics and Business Research (CEBR)
Key findings from the research shows that countries with the lowest levels of Insurance are among the most exposed to climate change risks and least able to fund recovery.
The average insurance penetration rate in developed nations is twice as high as the average in emerging or lower income countries which account for almost ($160 bn) of global Insurance protection gap.
Many of the countries with the lowest levels of insurance are among the most exposed to risks such as climate change and are the least able to fund recovery efforts.
Bangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each has an Insurance penetration rate of less than 1%.