Microinsurance is helping emerging markets improve access to financial services. As there is a lack of insurance cover in many parts of the world, this is a huge market opportunity for the insurance industry. However, the number of insurers pursuing inclusive insurance in emerging markets is low.
Increased frequency and severity of secondary perils, complicated by supply chain disruptions and inflation, are putting pressure on property insurers.
As climate change increases the frequency of extreme weather events, there is a greater risk of coastal and inland flooding and an increasing risk of structural damage. Hurricanes pose a significant threat in parts of the US, and as their occurence and severity increase property losses will continue to rise. The insurance industry has a key role to play in reducing losses from catastrophic risks, with customers now more than ever turning to insurers for expert advice.
