“We have growth in the insurance market, but significant protection gaps remain” says Giulio Terzariol, chief financial officer at AGCS
A strong partnership approach within the risk and insurance market is urgently needed to close significant protection gaps in cyber, natural catastrophes and intangible risks, says Giulio Terzariol, chief financial officer at AGCS.
The CFO told a delegation of more than 700 risk managers, insurers and brokers in Munich that insurance products do not sufficiently address the economic losses arising from these three risks.
“We have growth in the insurance market, but significant protection gaps remain,” he said. “We have a long way to go in order to close this gap.”
Drawing on data points from numerous sources, he said cyber risks amount to about €30bn in economic losses but only €2bn is currently covered by insurance.
The same applies to natural catastrophes. In Asia-Pacific, for example, the protection gap is 90% and in Italy it is at 96%.
He urged the market to break down silos and work together.
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