Bridging the insurance gap means a global challenge for financial resilience
BRIDGING THE INSURANCE GAP – A GLOBAL CHALLENGE FOR FINANCIAL RESILIENCE
by Monika Lis
|Monika Lis – is manager at Milliman, Warsaw, Poland|
The insurance industry plays a crucial role in safeguarding individuals, businesses, and economies against unforeseen risks. However, despite the widespread availability of insurance products, a significant portion of the global population remains exposed to financial vulnerabilities due to the insurance gap. The insurance gap refers to the disparity between the actual insurance protection in place and the level of coverage needed to mitigate risks effectively. This article explores the multifaceted nature of the insurance gap, its impact on global economies, and the efforts to bridge this critical financial divide.
This article represents the opinion of the author, and not necessarily the opinion of the AAE.
This article was published in The European Actuary No. 35 – September 2023