A world at riskClosing theinsurance gap
A world at risk03IntroductionHumans have always sought ways to mitigate and prepare for risk.The earliest grain siloes guarding against unpredictable harvests,the first shipping insurance policy from 14th century Venice preparingfor storms or piracy and modern cybercrime policies have all beendeveloped to reduce the impacts of catastrophes.Insurance is akey mechanismby which humansprepare for riskInsurance is a key mechanism by which humansprepare for risk and has played a central role in thedevelopment of the global economy. Insurancepolicies create confidence, encourage innovation andenterprise, and ultimately enable human progress. Forexample, an 18th-century businessman was far morelikely to invest their money in shipping fleets to tradeglobally once they had insurance in place and weren’tjust one storm away from financial ruin. Today’scommercial space operations wouldn’t be able to liftoff without insurance backing their expensive cargo.Underinsurance – defined as the value of assetsat risk not covered fully by insurance policies – canalso be represented as an ‘insurance gap’ i.e. thevalue of assets not covered for damage causedby a catastrophic event. Understanding how largethis gap is, and where it exists, is importantbecause it helps identify weak spots in globalresilience. It is particularly essential for governmentsto know the extent of their insurance gaps so theycan identify their exposure to uninsured lossesthey may have to finance.Conversely, where insurance is not available or hasnot been purchased, catastrophes can have majorimpacts on economies and lives. Assets such asschools, hospitals, businesses and infrastructuremust be rebuilt after major disasters. Withoutinsurance, this burden is often borne by theindividuals affected who have lost their homes andlivelihoods, the businesses whose factories andwarehouses are damaged, and by governments thathave to support them. If these assets are insured, it’sprivate not public money that foots the bill.Lloyd’s published its first underinsurance report in2012. This 2018 version includes all the latest non-lifeunderinsurance and insurance penetration data fornatural catastrophes for 43 countries across theglobe, revealing in detail insurance levels acrossmultiple regions and industries. The report alsoanalyses flood insurance in more detail, and looks athow cyber insurance can help businesses reduce theimpacts of cyber-attack, one of the fastest-growingemerging risks. By understanding the state of globalinsurance and underinsurance, policy officials,business leaders, communities and insurers canidentify where insurance gaps exist and worktogether to close them.The number of insurance policies has increasedsteadily since the Lloyd’s coffee shop (where Lloyd’sbegan) was established in 1686, and today moreindustries, countries and risk categories are insuredthan ever before. However, insurance cover is notubiquitous, and the uptake of insurance is notuniform across the globe. Certain regions, industriesand risk categories remain underinsured.Closing the insurance gap
A world at risk04Summary of key findingsThe gap is hardly closingDespite general global economic growth in recent years, the insurance gap is hardlyclosing. The global underinsurance gap is now US 162.5 billion, a reduction of just over3% over a period of six years (US 168 billion in 2012).Emerging countries are the least insuredEmerging economies account for 160bn (96%) of the total global insurance protection gap.The developed world buys more insuranceAverage insurance penetration rate in the developed world is twice as high as inemerging countries.Developing nations have the biggest gapBangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each have aninsurance penetration rate of less than 1%. They are also among the most exposed countries torisks such as climate change and some of the least able to fund recovery efforts.Bangladesh is the most underinsured countryThe country with the highest expected annual loss from natural disasters, Bangladesh,also has the largest insurance gap relative to GDP (2.1%). An insurance gap in dollarvalues of almost 6bn.The 10 least insured countries are the same as those in 2012Since Lloyd’s 2012 underinsurance report, the risk profile of the top 10 countriesfacing the highest risk as a proportion of GDP has hardly changed.China has the largest gap in dollar termsIn absolute terms, China has the biggest insurance gap (US 76.4 billion)followed by India (US 27 billion) and Indonesia (US 14.6 billion).New countries have become underinsuredFour countries have been identified as being underinsured since thelast report (Japan, Russia, United Arab Emirates and Sweden).Insurance levels are highest in the real estate sectorReal estate remains the best insured sector globally with an industrial insurancepenetration rate of 0.74%. This is followed by transportation and storage (0.60%)and agriculture, forestry and fishing (0.60%).The lowest insurance levels are in the manufacturing sectorGlobally, the manufacturing sector has the lowest insurance penetration ofall sectors at just 0.17%.Closing the insurance gap
A world at risk Introduction107 The size of the global insurance gap2213 29 Natural disasters: flood risk439 Emerging threats: cyber5 46 ConclusionThe insurance gap sector by sectorClosing the insurance gap
Global underinsurance(% of GDP / bn)A world at risk-2.5%Bangladesh Indonesia Philippines Nigeria Vietnam Egypt India Turkey China Saudi Arabia -2.0%-1.5%-1.0%-0.5%-1.4% / 14.6-1.3% / 4.2-1.3% / 4.9-1.2% / 2.7-1.2% / 2.8-1.0% / 27.0-0.8% / 6.7There is a marked split between emerging anddeveloped economies. Of the gap identified, someUS 160 billion comes from emerging nations, and justUS 2.5 billion in developed countries. This is partlybecause developed nations tend to buy moreinsurance, and partly because they tend not to be asprone to natural disasters – two themes that will beexplored in greater detail later in this report. Thepicture is not uniform. Some risks in developedeconomies are underinsured – earthquake in Italy andflood in the US, for example – while there are positiveareas of improvement in emerging economies.-0.6% / 76.4-0.5% / 4.1-0.5% / 1.5Mexico -0.5% / 6.1United Arab Emirates 1. The size of the global insurance gapA world at risk, Lloyd’s second underinsurance report, shows there isa global insurance gap of US 162.5 billion in 2018. This shows thereis a significant gap between the level of insurance in place to coverglobal risks, and the actual cost to businesses and governments ofrebuilding and recovering from major catastrophes.-2.1% / 5.5Chile Thailand 0.0%07-0.3% / 1.5-0.1% / 0.5Russia -0.1% / 1.6Sweden -0.1% / 0.4Hong Kong -0.1% / 0.2Japan 0.0% / 1.9The US 162.5 billion figure is only slightly lower thanthe 2012 total of US 168 billion meaning theinsurance gap has closed by just over 3% over thepast five years. This limited progress in closing thegap comes at a time when the global economy hasgrown (meaning more assets at risk), the severity andfrequency of weather-related catastrophes hasincreased, and new risks such as cybercrime haveemerged to pose new threats to society. Thesetrends are expected to continue.Since Lloyd’s 2012 underinsurance report, there havebeen few changes to the top 10 countries with thelargest insurance gaps. This shows that insurancetake up in these places is not increasing, despite theexisting and rising threats to their economies.Closing the insurance gap The relative cost of the insurance gapIn relative terms, Bangladesh has the largestinsurance gap at 2.1% of GDP, estimated at US 5.5billion (see table, left). This is similar to the levelrecorded in the 2012 report and represents asignificant share of the country’s economy and majorpotential loss in the case of a catastrophe. Secondhighest is Indonesia at 1.4% of GDP, and then thePhilippines at 1.3%.Today, the insurance premium per capita inBangladesh is just US 8, a statistic that masks thefact that most people have no insurance at all. Asidefrom affordability, which is a major barrier to adoptionin emerging economies, some of the reasons peoplechoose not to take out insurance include littleunderstanding about the value and a lack of trust ininsurance companies.The country is making moves to improve its insurancepenetration. In 2017, in partnership with the WorldBank, Bangladesh launched an initiative to develop itsinsurance sector, strengthening the capacity of thelocal regulator and state-owned insurance companiesto increase insurance coverage across the country.
A world at risk09US 162.5bnThe size of the global insurance gap1. The size of the global insurance gapThe relative cost of the insurance gapBoth Indonesia and the Philippines are heavily exposed to naturalcatastrophes, located as they are along the Ring of Fire region ofthe Pacific where most of the world’s earthquakes and volcaniceruptions occur.Since the 2012report severalcountries haveslipped intobecomingunderinsuredThe Philippines also sits on the typhoon belt; annually,approximately 80 typhoons develop above tropicalwaters in the region, of which 19 enter the Philippineregion and six to nine make landfall, according to theJoint Typhoon Warning Centre. While both countrieshave seen dramatic rises in their per capita GDP overthe past 20 years, annual income remains low at justunder US 3,000 per capita for the Philippines andUS 3,500 in Indonesia. This has a dampening effecton investment in insurance, disaster preventionmeasures and early warning systems that help detectdisasters before they occur.Keeping pace with shifts in riskAs in Bangladesh, measures are being taken toaddress underinsurance in Indonesia and thePhilippines. For example, the Philippines Governmenthas introduced the National Disaster Risk Reductionand Management Plan 2011-2028 under which anumber of foreign and World Bank-backed initiativesare in place to help protect government-ownedassets and infrastructure.In Sweden, to take one example, the economy hasgrown significantly in recent years meaning that moreassets are at risk. Meanwhile insurance penetrationhas dropped very slightly from 1.9% to 1.8%, notbecause people are not buying insurance butbecause insurance penetration is relative to GDP.Closing the insurance gap Since the 2012 report several countries have slippedinto becoming underinsured, including Japan (0.04%of GDP), Russia, the United Arab Emirates andSweden (all 0.1% of GDP). In each instance, insuranceuptake has not kept pace with the changing risklandscape and potential GDP losses. That means, forexample, that a country can maintain its insurancepenetration levels, but the risk landscape canbecome more severe and therefore can beconsidered underinsured.
Global underinsurance in absolute terms( bn)-90China India Indonesia -80-70A world at risk-60-50-40-30-20-1001. The size of the global insurance gapThe absolute cost of the insurance gapWhile relative underinsurance gives the best picture of thepotential impact on individual countries, absolute figures showthe total global gap. 76.4 27.0 14.6Turkey 6.7Mexico 6.1Bangladesh 5.5Nigeria 4.9Philippines 4.2Saudi Arabia 4.1Egypt 2.8Vietnam 2.7Japan 1.9Russia 1.6Chile 1.5Thailand 1.5United Arab Emirates 0.5Sweden 0.4Hong Kong 0.2Source: EM-DAT, CEBR analysis11In absolute terms, China remains the country with thelargest insurance gap due to the size of its economyand risk exposures (see table, left). Its insurancemarket, although growing rapidly, is still developing.Expressed in absolute US dollar values China has aninsurance gap of US 76.4 billion, or 0.6% of GDP.Between 2004 and 2017, around 98% of lossesresulting from natural catastrophes were not coveredby any type of insurance in China. This is slightlylower than the 99% recorded in the 2012 report,indicating China’s insurance gap could be narrowing,albeit slowly. It is worth noting, however, that data forChina is affected by the 2008 Sichuan earthquakethat resulted in losses of around US 125 billion. Onlya fraction of this sum was insured.The second and third in the list of absolute costs areIndia at US 27 billion and Indonesia at US 14.6billion. These are the seventh and 17th largesteconomies in the world according to the InternationalMonetary Fund, but both have relativelyyoung insurance marketplaces. The combination ofhigh GDP at risk and a newly emerging culture ofinsurance adoption means these countries rankhighly in absolute losses. India suffers, as itsneighbour Bangladesh does, from flooding andearthquakes in the north around the Himalayas, butwith a far more developed economy, it hassignificantly more GDP potentiallyat risk in absolute terms.Closing the insurance gap At the other end of the spectrum, Germany,France and the UK are adequately covered relativeto expected losses. Between 2004 and 2017,approximately two-thirds of the losses from naturalcatastrophes in these countries were recoveredthrough insurance. All three have well-establishedinsurance markets and culture of protectingagainst loss.Not all European countries enjoy the same levelof insurance cover. Over the same period, Italysuffered high levels of uninsured losses from naturalcatastrophes, including a series of earthquakes.The fact that only 12% of these losses were insuredhighlights the underinsurance in southern Europe,and represents an opportunity for the insuranceindustry in the region.Variations in insurance cover also exist betweencountries in other regions. For example, in Africa,Nigeria has an insurance penetration rate of just0.2% of GDP, whereas South Africa has a morefavourable rate of 2.7%. Similarly, in Asia, Bangladeshis the country with the least penetration at 0.2% ofGDP; in comparison Japan, a country with its own fairshare of risk exposures, insurance penetration is2.3% of GDP.
Insurance penetration by country(premiums as a % of GDP)A world at riskInsurancepenetration %2018 reportInsurancepenetration %2012 reportRank 2018reportRank 2012reportNetherlands7.79.511South Korea5.04.623United States4.34.134New .43.178Germany3.43.686Hong 2.82.71212United Arab Emirates2.81.51328Denmark2.82.91411South Africa2.72.71512United laysia1.41.83123Saudi 342Changein position131. The size of the global insurance gapNational changes to insurance penetrationSince the 2012 report, there have been some notable changes toinsurance penetration levels (see table, left). Hong Kong hasincreased its insurance penetration more than any nation in thestudy, with an increase of almost two percentage points betweenthe 2012 and 2018 reports. It is now the ninth highest in terms of insurancepenetration as a percentage of GDP, up from 31st inthe 2012 report. There are a number of factors thatmay have fed into this dramatic uplift. One is thenumber of severe weather events experienced byHong Kong in recent years, for example typhoon Hatoand storm Pakhar that hit the island in 2017. Eventslike these can prompt uplift in insurance take-up as apreventative measure. Non-life insurance in HongKong has grown at a compound annual growth rate of6% since the 2012 report, and coupled with GDPgrowth of 3-5% will ultimately result in a rise ininsurance penetration.France has also seen a significant level of increase ininsurance buying with a rise of 1.3 percentage pointssince the 2012 report to 3.2% in the 2018 report,driven largely by increased rates on motor andhousehold personal lines. This moves the countryfrom 20th to 10th in terms of insurance penetrationas a percentage of GDP. The UAE also experienced afairly dramatic rise, increasing its insurancepenetration by 1.3 percentage points, meaning it isnow the 13th ranked nation compared with 28th in the2012 report. This is due in part to the work of theregulatory body, the UAE Insurance Authority, whichhas made significant progress in demonstrating thevalue of insurance given the notable low levels ofpenetration in the past. The large expatriatepopulation and improvements to regulation have alsoimproved standards and culminated in an increase inconfidence and awareness of insurance products. Closing the insurance gap In some countries insurance levels have fallen. TheUK’s insurance penetration fell from 3.1% in 2011 datato 2.4% in 2017 data, down to 16th place from 8th.Ireland’s fell from 2.2% in 2011 data to 1.2% in 2017data over the same period, making it the 35th rankedcountry in terms of insurance penetration as apercentage of GDP; in the 2012 report it was 18th.Within the top five countries with the highestinsurance penetration, there is little change. TheNetherlands remains the country with the highestinsurance penetration at 7.7%. However, this is adecrease of 1.8% since the 2012 report. New Zealandis still among the top countries, but has slipped from2nd to 4th place as insurance penetration reduced byone percentage point from 5.2% to 4.2%. After aninitial flurry of insurance uptake in the wake of theCanterbury earthquakes, appetite for these productshas slowed in recent years.
Annual expected losses by country(% of GDP)0%0.10%0.20%A world at risk0.30%0.40%0.50%0.60%0.70%0.80% 0.90%151. The size of the global insurance gapExpected losses from natural catastrophesTo put the level of insurance penetration into context, it isnecessary to compare it to levels of risk exposure. Simplylooking at insurance penetration ratios is insufficient.Bangladesh0.83%New d lossfrom disaster probability ofnatural disasterx cost associatedwith naturaldisaster0.38%0.34%0.29%For example, two countries may havethe same insurance penetrations, but if one facesconsiderably more risk then it will have a higherinsurance gap.Since Lloyd’s last underinsurance report, the riskprofile of the top 10 countries facing the highest riskas a proportion of their GDP has hardly changed.As was the case in 2012, Bangladesh has the highestexpected losses from natural disasters with anexpected annual loss of 0.8% of GDP (see table, left).Combined with Bangladesh’s low insurancepenetration levels, this leaves the country highlyexposed to the impacts of natural catastrophes.New Zealand is number two on the list, with anexpected annual loss of 0.7%; however, its highinsurance penetration levels means it remains wellprotected. After the Christchurch earthquake of 2011,which caused damage equivalent to 14% of thecountry’s GDP, the country has suffered from furtherseismic events and several significant floods. Chile,which was number two in the list in the 2012 report,drops to number three. While it has fallen down thelist relative to New Zealand, Chile remains exposed toearthquakes, wildfires and volcanic activity.India is the only country that has dropped out of thetop 10 countries with highest expected annual lossesas a percentage of GDP since the last report. Thiscan be explained by the relatively low number ofnatural catastrophes in India in recent years, with theonly significant property losses in Chennai, setagainst a rapidly-growing economy. In its place is thePhilippines, which rises up the table in part due to adevastating typhoon that hit the country in 2013.Image: Santiago, ChileClosing the insurance gap
A world at risk17Case study Japan: the Kumamoto earthquake – a city left shakenLocated along the so-called Pacific Ring of Fire, the most activeearthquake belt in the world, Japan is no stranger to seismic activity.The islands receive frequent low intensity earth tremors and volcanicactivity in the region is rife. Destructive earthquakes and tsunamisalso occur several times a century.Despite being prone to these types of events, theearthquake that struck the city of Kumamoto in 2016highlighted how underprepared some countries stillare to natural disasters. The earthquake resulted inthe death of around 50 people and left thousandsmore injured. Around 10% of Kumamoto’s population,more than 180,000 people were forced take shelterat the city’s various evacuation sites and more than7,000 homes were destroyed.After the event, the governor of Kumamotoacknowledged that limited resources had resultedin poor disaster planning and minimal disasterresponse expertise. On top of this, insurance levelsin the region were relatively low due, resulting inonly US 5 billion of the estimated costs beingcovered by insurance.The economic impact of the earthquake and itsaftershocks was also substantial. It is estimated thetotal damage was about US 27 billion, mostly as aresult of the impact on residential properties and theircontents. The effect on the region’s tourism was alsosignificant with inbound tourist numbers falling 11.6%between October and December 2016.1 TheJapanese Government was also forced to spendapproximately US 11 billion on providing immediatesupport for disaster victims, funding reconstructionefforts and topping up the country’s various disasterrelief budgets.The level of underinsurance in Japan at the timemeant the Kumamoto earthquakes were the thirdcostliest earthquake events in the country’s modernhistory, after Tohoku in 2011 and Kobe in 1995.They served as a wake-up call and drove home animportant lesson: that while large earthquakes inthe region are inevitable, preparedness is the keyto minimising their impacts and speeding up postdisaster recovery. 2Key factsTotal cost of damageAmount covered by insuranceInsurance gapUS 27bnUS 5bnUS ill-learning-lessons-oneyear/#.W6JwU9NKjGg1 -managing-disasters-from-kumamoto/2 Closing the insurance gap
Hurricanes, and resulting wind and flood damage, are one of thecostliest weather events, responsible for about half of the total lossesamong all US disasters costing more than US 1 billion.3This was particularly true in 2017 when the US and the Caribbeanendured a trio of devastating hurricanes – Harvey, Irma and Maria –causing more than US 217 billion-worth of total damage.4A world at riskCase study US: A devastating trio of hurricanesWhile all three hurricanes were different in termsof size and the areas they hit, they all highlightedone common theme – the high levels of floodunderinsurance across some states in the US.Hurricane HarveyHouston is relatively prepared for extreme flooding,having invested in numerous flood protection projectsover the years. However, a lack of funding hasresulted in delays to vital upgrades and additionalflood prevention methods, leaving the city at risk.Added to this, Houston has seen an increase inproperty development over recent years, which hasled to less land available to absorb heavy rainfall. As aresult, many experts argue that the city’s poorlydesigned infrastructure leaves it more vulnerable toextreme flooding. When Harvey hit the city in lateAugust 2017, the category 4 storm flooded Houstonwith more than four feet of rainfall. More than300,000 structures in that region were flooded andan estimated 40,000 flood victims were evacuated toor took refuge in shelters.5 The damage caused byHarvey’s flooding was catastrophic with economiclosses of US 70-90 billion and insured losses ofUS 25-35 billion.6Key factsTotal cost of damage (all three storms)Amount covered by insuranceInsurance gapUS 217bnUS 92bnUS 125bnHurricane IrmaFlorida is another flood-prone area with propertyowners buying far more federal flood insurance thanany other state — 1.7 million policies covering aboutUS 42 billion in assets — but most residents in floodhazard zones are exposed. In fact, reports suggestthat in the five years up until Irma, the state had seenthe number of federal flood insurance policies boughtdrop by 15%, attributed to the price increase inpolicies approved by Congress in 2012.7 When Irmahit Florida on 10 September 2017, it was one of themost powerful storms ever seen in the Atlantic. Thesmall island of Barbuda was one of the worst affectedareas, with the small island taking a direct hit fromIrma at its peak intensity. Irma’s catastrophic windscaused destruction across the island, damaging ordestroying about 95% of the structures. Economiclosses totalled US 60-95 billion and insured lossesbetween US 35-55 7-costliest-disasters/index.htmlThe definition of total damage used by Sigma is also used throughout this analysis, that is: Total losses/damage is defined as:the financial losses directly attributable to an event – i.e. damage to buildings, infrastructure, vehicles etc. The term also includeslosses due to business interruption as a direct consequence of property damage.4 Hurricane Florence captured by Alexander Gerst from the International Space Station on 12 September 2018. Source: NasaHurricane MariaOn 20 September 2017, Hurricane Maria hit theUS territory of Puerto Rico - the first category 4hurricane to directly impact the island in 85 years.9The hurricane is ranked as the third most costly eventin terms of insurance losses since records began in1970. The destructive winds and rainfall from Mariaproduced extensive damage to buildings, homes androads. In addition, the hurricane also knocked down80% of Puerto Rico’s utility poles and all transmissionlines, resulting in the loss of power to essentially all ofthe island’s 3.4 million residents. By the end ofJanuary 2018, electricity had only been restored toabout 65% of the island.10 Maria caused economiclosses of US 30-60 billion and insured losses ofUS 15-30 billion.11Economic impactWhile the response to the three hurricanes in the UShas been fast, their effects are being felt over thelong term with all three hurricanes significantlyaffecting the US economy. Hurricane Harvey shutdown at least 25% of the nation’s oil-refining capacity,causing a spike in gas prices to a national average of 2.67 per gallon. In Florida Hurricane Irma had asignificant impact on the agricultural sector,destroying 50%-70% of the citrus crop and damagedmany small businesses in the tourist industry. InPuerto Rico, damage such as the loss of power isexpected to set the economy back significantly.The total damage caused by the three stormsamounts to US 217 billion in the US. Of this, US 92billion was covered by insurance, leaving an insurancegap of about US 125 ans-in-irmaspath-dont-have-flood-insurance/7 -damage-willbe-between-usd-35-and-55-billion8 -mariahttps://www.nhc.noaa.gov/data/tcr/AL092017 Harvey.pdf9 d-damagewill-be-between-usd-25-and-35-billion105 3 196 Closing the insurance gap https://www.nhc.noaa.gov/data/tcr/AL152017 and-30-billion11
Average industrial insurance penetration(2018 figs)0%0.1%A world at risk0.2%0.3%0.4%0.5%0.6%0.7%Real estate activities0.74%Transportation andstorage0.60%Agriculture, forestryand fishing0.58%Financial and insuranceactivities0.35%Utilities0.34%Professional andadministrative services0.30%Arts, entertainmentand recreation0.29%Accommodation andfood service activities0.29%Mining and quarrying0.29%Human health andsocial work activitiesInformation andcommunicationManufacturingInsurance levels don’t just vary across countries and continents butalso across industries 12. This study shows that out of the 16 sectorsstudied, real estate is the best insured sector with a 0.74% industrialinsurance penetration rate up from 0.59% in 2012 (see table, left).0.46%Public administrationand defenceEducation2. The insurance gap sector by sector0.49%Wholesale and ty is one of the most exposed sectors tonatural catastrophes and has a clear claims history,so it is no surprise that more people are willing to buyinsurance to protect their assets. This relatively highinsurance level is also driven by the fact that themajority of household assets are often tied up inproperty meaning most people are incentivised totake out buildings insurance to protect them.The second best insured sector is transportationand storage, albeit down from 0.78% in the 2012report to 0.60% in 2018. Global supply chains arehighly exposed to catastrophes – the 2011 Thai floodsand the 2015 Tianjin Port explosion, for example –and insurance is widely accepted by the sector as aneffective means of risk transfer. As with property,there is a long history of insurance, with motor andtransport insurance developed from early shippinginsurance. The US and Germany have the highestrates of insurance penetration in this sector, at1.44% and 1.33% respectively.The agriculture, forestry and fishing sector has thethird highest level of industrial insurance penetration.Crop policies are well established and understood byfarmers who regularly face the risks posed byunpredictable weather. Insurance is predominantlytake
Closing the insurance gap A world at risk 07 1. The size of the global insurance gap A world at risk, Lloyd's second underinsurance report, shows there is a global insurance gap of US 162.5 billion in 2018. This shows there is a significant gap between the level of insurance in place to cover
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