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Swiss Re Ltd. has said that the commitment and capabilities of public and private sector entities is vital to closing the increasing protection gap in the world, reported Artemis.bm.
Adequate insurance, reinsurance and alternative catastrophe risk financing is essential to bridge the gap, the reinsurer said. Swiss Re said that only about 30% of global catastrophe losses have been covered by insurance over the past 10 years. "Disaster risks are increasing but insurance hasn't kept pace," said the reinsurer.