Insured losses from cat events in APAC hit $11 billion

A report by reinsurer Gallagher Re said that insured losses stemming from natural catastrophes in Asia Pacific reached $11 billion in 2022, on level with the losses seen in 2021, Asia Insurance Review reported. The report highlighted a noticeable insurance gap in particular countries in the region including Pakistan where insured losses after devastating floods in 2022 was negligible.