Aon confirms huge number of nat cat losses not insured

Aon has published its latest catastrophe report, which points to a gaping insurance hole for 2019. According to the broking giant’s Weather, Climate & Catastrophe Insight: 2019 Annual Report released today, last year’s 409 natural catastrophe events equated to $232 billion in economic losses. Of this figure, however, only $71 billion was covered by insurance – be it government-sponsored programmes or coverage from the private sector. What this translates to is a whopping 69% global protection gap in 2019. A faint silver lining is the fact that the percentage of uninsured nat cat economic losses in the period, while significant, is the sixth-lowest since 2000.