There is a $160bn gap between the annual cost of disasters in emerging countries and the amount covered by insurance, according to new research from Lloyd’s and the Centre for Economic and Business Research.
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Emerging economies have $160bn insurance gap
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Key findings 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 markets is twice as high as in emerging countries. Bangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each has an insurance penetration rate of less than 1%. Indonesia has the second highest insurance gap relative to GDP (1.4%) equivalent to $15bn. China is the most underinsured country in absolute dollar values with a gap of $76bn. Underinsurance gap has closed by less than 3% over a period of six years.
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