Closing $1.83 Trillion Insurance Gap: Moral Duty & Business Opportunity

The gap between economic losses and insured protection is widening, reaching $1.83 trillion in 2023, leaving many vulnerable to uncovered damages from natural disasters. This issue is exacerbated by climate change, urbanization, and inflation. Giulio Terzariol, CEO of Generali Group, emphasizes the moral duty and business opportunity for the insurance industry to close this gap. While many industry executives agree, the challenge is complex, with global warming causing more frequent and severe weather events. In the US, insurers are reducing exposure in high-risk areas, leading to higher premiums and policy cancellations. Developing countries face even bigger challenges, with significant protection gaps. Technology, particularly AI, offers some hope by making insurance operations more efficient and affordable, but long-term solutions will require public-private partnerships to share risks and prevent losses.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.