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.

https://www.lloyds.com/news-and-risk-insight/press-releases/2018/10/emerging-economies-have-160bn-insurance-gap