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Major insurers have said at a recent conference that there is a huge potential market that is yet to be tapped in the developing and emerging world, reported Channel News Asia.
Insurers said that the payouts for the April 2015 Nepal earthquake totaled less than a tenth of that of the payouts for the recent U.S. storms.
"The difference between the storms in the United States and the earthquake in Nepal is an extreme comparison that really highlights the gap in terms of protection," said Esther Baur, a Swiss Re Ltd. official.