Leading Insurance experts have warned that 2017 was the most expensive on record following several climate disasters. Hurricane Harvey in Texas alone cost $180 billion, with just $19 billion of that loss insured the group said.
Swiss Re, the world’s second-largest reinsurer, said over the last decade only 30% climate disaster losses were insured, leaving governments, businesses and others to pick up the remaining $1.7 trillion tab.
The growing gap between the amount insured and actual losses is a threat not just to people, businesses and governments but even to the insurance industry itself.
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