IAIS launches practical resource on natural catastrophe protection gaps
- The IAIS has launched a new online library of initiatives and case studies to address insurance protection gaps affecting individuals and businesses.
- This open-access resource provides practical examples to help reduce the large uninsured losses caused by increasingly severe natural catastrophe events.
- Narrowing protection gaps requires multi-stakeholder collaboration and practical action tailored to each jurisdiction’s specific needs.
Basel, Switzerland – The International Association of Insurance Supervisors (IAIS) has launched the Protection Gaps Library of Initiatives, an online resource featuring initiatives and case studies that illustrate approaches to addressing natural catastrophe (NatCat) insurance protection gaps. The library forms part of the IAIS’ broader work to support supervisors and policymakers in narrowing these gaps and strengthening financial resilience.
NatCat insurance protection gaps – the uninsured portion of economic losses caused by NatCat events – can hinder recovery, strain public finances and increase the vulnerability of households and businesses. Addressing these gaps requires coordinated action by governments, insurance supervisors, industry and other stakeholders.
Building on the IAIS’ Call to action and joint work with the World Bank, the library connects this policy agenda with practical experience from jurisdictions around the world. Its initial focus is on assessing protection gaps and public-private insurance programmes. More detailed case studies are linked from relevant entries in the library.
“The IAIS’ focus is on helping supervisors and policymakers better understand insurance protection gaps, learn from experience across jurisdictions and identify approaches that can work in their respective market contexts,” said Toshiyuki Miyoshi, Chair of the IAIS Executive Committee.
The Protection Gaps Library of Initiatives marks the beginning of a sustained programme of practical support. The IAIS will progressively expand the library to cover topics including parametric insurance and other innovative solutions, incentives for risk reduction, financial literacy and risk awareness. Insights from these initiatives and case studies will provide a foundation for further guidance to supervisors and policymakers.
The IAIS will continue to work with its members and key partners, including the World Bank, the Insurance Development Forum (IDF), the Global Shield against Climate Risks and the OECD to advance this policy agenda.
The Protection Gaps Library of Initiatives is available here.
Further information on the IAIS’ work on protection gaps is available on the IAIS website.
Please find the press release in pdf here.
About the IAIS
The IAIS is a global standard-setting body whose objectives are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to the maintenance of global financial stability. Its membership includes insurance supervisors from more than 200 jurisdictions. Learn more at www.iais.org. Follow us on LinkedIn: IAIS – International Association of Insurance Supervisors.
Media contact:
Melanie Clowes
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press@iais.org