Publication Date: 22nd December 2016
The global insurance protection gap is one of the most pressing issues facing our society. It leads to a severe lack of societal resilience in many developing and emerging countries, where insurance today hardly plays any role when it comes to mitigating the impacts of natural disasters or pandemics, to name just two of the major societal risks. More often than not, all economic losses remain basically uninsured. This situation, however, is not limited to emerging markets. A recent example is the devastating earthquake that hit central Italy on 24 August 2016 where about 90% of total losses were uninsured. This brief 4-page summary offers an overview of our report, Harnessing Technology to Narrow the Insurance Protection Gap, which analyses the potential contribution of digital and mobile technologies to narrowing protection gaps in both mature and developing markets, by enhancing the awareness, affordability and appeal of insurance products and solutions.
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