UK insurance protection gap improved to 17% in 2022, Swiss Re says
The UK was hit by $900m (£732.6m) of economic losses from natural catastrophes such as storms and flooding in 2022, with insurance covering $800m of the total, according to Swiss Re.
The economic damage was identical to 2021, but the insured element rose by $100m, the reinsurers calculated. This meant a protection of gap of 17% 2022, which is better than the 24% seen in 2021.
$100mThe economic damage was identical to 2021, but the insured element rose by $100m, the reinsurers calculated
Jason Richards, Swiss Re country president and CEO UK & Ireland, observed that although the UK’s protection gap from natural catastrophes might be low when compared with other
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