Homes surrounded by flood waters after Hurricane Beryl in Sargent, Texas. (Photo credit: Eddie Seal/Bloomberg)
(Bloomberg) — Collaboration between the public and private sectors, beyond just insurance, is essential to narrowing the insurance protection gap, as losses from natural disasters increase, said the head of a global insurance supervisors’ organization.
The protection gap refers to the difference between economic losses caused by an event such as a hurricane, drought or massive flood and the amount of those losses covered by insurance.
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