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The global insurance industry still has a long way to go to close the gap between insured and economic losses, despite a wide range of efforts to bring cover to those that lack it.
But although progress has been slow, those involved say the foundations built give cause for optimism about narrowing the rift in the future.
Those involved in closing the protection gap had “a mountain to climb,” said Rowan Douglas, CEO of the capital, science and policy practice at broking group Willis Towers Watson PLC.
“There is an enormous amount of work to do,” he said. “This isn’t just an economic and financial issue for the industry; this is literally protecting people’s lives, livelihoods, shelter and key assets.”