Global economic losses from natural catastrophes hit $380 billion in 2023, with insured losses coming in at $118 billion, according to a new report from Aon. The protection gap – the difference between insured and economic losses — reached 69% in 2023, up from 59% in 2022.
Tag: protection gap
Treasury Secretary Yellen Says Extreme Weather Exposes Gaps in Insurance Protection
Treasury Secretary Janet Yellen said the weather-related havoc playing out across the US is exposing a “protection gap” for Americans seeking insurance against property losses.