ZURICH–(BUSINESS WIRE)–The insurance protection gaps in healthcare and cyber risks are not
sufficiently researched even though their respective protection
shortfalls are more dramatic than for natural catastrophe risk,
according to the study ‘Understanding
and Addressing Global Insurance Protection Gaps’ released today by
The Geneva Association.
The report highlights that the cyber protection gap (i.e. the share of
uninsured losses in total losses) under various scenarios is estimated
at about 90 per cent, representing 0.5 per cent of the world’s gross
domestic product (GDP); while the healthcare protection gap, using
out-of-pocket expenses (i.e. the share of the expenses an insured must
pay directly to the healthcare provider, without reimbursement by a
third-party) as a proxy, amounts to approximately 2 per cent of the
world’s GDP. In contrast, the natural catastrophe protection gap, while
still massive, represents about 0.2 per cent of global GDP.
Anna Maria D’Hulster, Secretary General of The Geneva Association, said:
“Risk…
