Swiss Re Institute Reports $140 Billion Natural-Disaster Insurance Gap in North America
The Swiss Re Institute has released a report highlighting a significant gap in natural-disaster insurance coverage in North America. The report indicates that the gap between insured and uninsured property rose by 6% last year, reaching $140 billion. This increase is attributed to the rising costs of natural catastrophes such as hurricanes and wildfires, driven by factors like climate change, urbanization, and inflation. The report also notes a decline in insurance coverage in highly hazardous areas, such as California, where earthquake coverage has decreased significantly over the years. The global value of uninsured natural-catastrophe losses rose by over 7% last year to $424 billion, with North America being the most exposed region. 
