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Possible actions to assess protection gaps and exposure to NatCat risk
| Stakeholder | Starting point | Advanced actions |
|---|---|---|
| Governments | • Facilitate the collection and dissemination of comprehensive NatCat data (data on economic losses and uninsured losses). • Improve recording of fiscal spending on disasters, for example through disaster budget tagging. | • Contribute to open data initiatives. • Collaborate with various stakeholders to improve the accuracy and availability of risk models |
| Supervisors | • Collect (and potentially share) data from insurers on insured losses. | • Promote the development of NatCat models to evaluate risk, including encouraging enhanced transparency of the modelling approach and sensitivity of results to key assumptions; provide (scenario) analysis on the root causes and extent of the protection gaps. |
| (Re)insurers (and modelers/ brokers) | • Collect and disseminate relevant NatCat-related data. • Promote model transparency, helping stakeholders understand and identify potential exposures and the influence of related risks. | • Develop models to enhance risk assessment for regions lacking robust catastrophe data. • Contribute to open data initiatives. • Improve resolution and granularity of NatCat modelling to better reflect risk and enhance peril coverage for under-modeled or emerging perils; integrate vulnerability and socioeconomic data in models to betters estimate losses in underserved populations. |
| International Organisations / Multilateral Development Banks | • Support the development and standardisation of NatCat risk data collection and sharing practices; alongside governments, facilitate the collection and dissemination of comprehensive NatCat data at the global level. | • Contribute to initiatives aimed at improving modelling capabilities and fostering international collaboration. |
| Academia / research Centres | • Academic and research centers can deepen analysis and provide technical expertise on particular risks and structural vulnerability to NatCat events. | |
Source: IAIS-WBG (2025): G20 Sustainable Finance Working Group input paper (pages 11-12)