Some $23 billion of first-half 2017 global catastrophe losses were covered by insurance, according to preliminary estimates from Swiss Re sigma.
With total economic losses from disasters at $44 billion in the first-half, that means 52 percent was covered.
As Artemis blog reports, this is actually a relatively high percentage insured which makes for a smaller protection gap.
Severe thunderstorms in the U.S. resulted in the largest losses in the first six months of this year—accounting for $16 billion of the $23 billion insured losses.
Kurt Karl, Swiss Re chief economist explains: “Fortunately, in the U.S., most households and businesses are insured against wind risk so they are financially protected when severe storms strike.”