MEDIA ADVISORY: Reporters Invited to Attend Joint Swiss Re & Insurance Information Institute Webinar on the Importance of Closing U.S. “Protection Gap”

Underinsurance of Property Risks Is a Growing Challenge; Over Last 10 Years, 70% of Global Natural Catastrophe-Caused Economic Losses Were Uninsured

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New York Press Office: (212) 346-5500; media@iii.org

 

Tune In Monday, September 28, At Noon (ET) for an Overview from Industry Experts

 

NEW YORK, September 17, 2015 — While the global natural catastrophe property protection gap has risen steadily over the last 10 years, with 70 percent of economic losses going uninsured, it is the United States that has more uninsured property risk than any other country, according to the latest Swiss Re sigma study, Underinsurance of Property Risks: Closing the Gap.

 

There is currently an annual global protection gap of $153 billion, as calculated by Swiss Re. The U.S., Japan and China account for more than half of that, with a combined insurance shortfall of $81 billion.

 

This protection gap—basically the difference between insured and total losses—poses a risk to U.S. households, businesses, and government, which will ultimately be forced to pick up a large portion of the tab in the event of an earthquake, flood or other form of uninsured catastrophe damage. Earthquake risk makes up the majority of the gap, Swiss Re’s study states.

 

While the uninsured risk is considerable, this situation also represents a significant opportunity for the U.S. insurance industry to apply its expertise and financial capabilities in finding new ways to cover the risk.

 

On Monday, September 28, from noon to 1 p.m., ET, Thomas Holzheu, chief economist Americas, Swiss Re, and Ginger Turner, senior economist, Swiss Re, will give a global overview of the underinsurance problem, analyze how the United States measures up, and look at some of the root causes of an issue that is vital to the U.S. economy. Holzheu and Turner are both with Swiss Re’s Economic Research and Consulting Unit.

 

Dr. Robert Hartwig, the I.I.I.’s president and an economist, will delve into the U.S. regulatory issues and unique market dynamics that are contributing to, and possibly exacerbating, the uninsured risk trend.

 

To join the webinar, participants must first register through this link.

 

The webinar’s hashtag is #NatCatGap.

 

The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.  

THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org

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