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Global Underinsurance Research
On 5 December 2012, Lloyd's and the Centre for Economics and Business Research hosted a live Twitter Q&A on global underinsurance. Here are some of the highlights from the discussion...
Storified by Lloyd's · Tue, Apr 30 2013 10:07:17
Experts from @Cebr_uk ready to take your questions on our global underinsurance research. Who wants to kick off discussion? #insurancegapLloyd's of London
@LloydsofLondon Besides contingency planning, what else can businesses do to protect the supply chain long term? #insurancegapLauren A
Location of business operations key when considering the potential threat of nat cats - understanding risks through the chain #insurancegapCebr
@LloydsofLondon why are less than half of the economic losses from catastrophic events being picked up by private insurers? #insurancegapVirginia Lee
@vafromca Business choose what risk to retain & what to transfer to insurers.Our view on how to fix gap: http://buzz.mw/-SC9_Z #insurancegapLloyd's of London
@LloydsofLondon congratulations on #insurancegap work. What is are top risk management tips for growing in these territories?domenico del re
@domdelre Thanks! Top one is obvious but understanding your risk really well and developing partnerships with local insurers #insurancegapLloyd's of London
In an era in which climate change is inevitable, what can insurers do to prepare for more big disasters? #insurancegapPatrice Sarath
@First_HealthFin areas at high risk need to invest in defence measures. See role of Gov't factsheet on http://Lloyds.com #insurancegapCebr
@First_HealthFin #insurancegap stalemate of Statement of Principles in UK is a lesson to learn for all govs with flood riskdomenico del re
@LloydsofLondon to what extent can Microinsurance microtakaful and Takaful be used to fill the #insurancegap ?Clive O'Connell
@cliveoconnell Microinsurance reaches many people & SMEs - big firms tend to require traditional products http://bit.ly/UnKGsF #insurancegapLloyd's of London
@LloydsofLondon What was the costliest year for the insurance industry and why? #insurancegapYana Ossenova
@YanaOssenova The 2005 huricane season in the US cost over $100bn in claims making this the single costliest year for insurers #insurancegapCebr
@LloydsofLondon What are the global implications if this gap isn't addressed? #insurancegapanna
@AnnaSmith719 Taxpayer costs will increase and gains from economic growth placed at risk. Insurance needs to keep up with GDP #insurancegapCebr
Some great questions coming through in our live global underinsurance discussion. Trying to get to them all! keep them coming #insurancegapLloyd's of London
@LloydsofLondon Is the #insurancegap really an emerging market and flood issue?Roger Bickmore
@rogerbickm In countries we identified as underinsured most were emerging and only 7% of their losses being picked up: http://buzz.mw/-SCF_ZLloyd's of London
@LloydsofLondon The study looks at #insurancegap from natural disasters. Is there or will there be a similar gap for liability insurance?Clive O'Connell
@cliveoconnell Interesting point - one we might look to research in the future. #insurancegapLloyd's of London
@domdelre Do coastal cities then become uninsurable w/o costly reconstruction work a la Netherlands? #insurancegapPatrice Sarath
@LloydsofLondon Who fills gap in coastal areas where insurance is hard to buy and development continues? #insurancegapLarry P. Schiffer
@First_HealthFin In such cases premiums likely to be higher and risk mitigation crucial to become insurable #insurancegapCebr
@Cebr_uk @LloydsofLondon only if risk mitigation is mandatory and govt is allowed Where gov't regs are resisted problem #insurancegapLarry P. Schiffer
@First_HealthFin #insurancegap OECD and Lloyds study in 2009 show future emerging largest cities are vulnerable to coastal floods.domenico del re
@First_HealthFin Encouraging businesses and gov't to reduce risk by developing defences. Policies can also specify standards #insurancegapCebr
@LloydsofLondon How do u ensure the effective distribution of products in emerging economies? Can technology help or hinder? #insurancegapRichard Banks
@banksyinsurance Brokers already extending distribution networks to include emerging economies - market can use these: http://buzz.mw/-SCF_ZLloyd's of London
@LloydsofLondon To what extent do regulatory obstacles in developing countries hinder the provision of insurance to citizens? #insurancegapFrancesca Nyman
@insightfran As mentioned in your article, govts can help by opening up mkts to private insurers to increase capacity! http://buzz.mw/-SCF_ZLloyd's of London
@LloydsofLondon – what did Superstorm Sandy show in relation to this report? – #insurancegapChad Hemenway
@CTHemenway Sandy not included in report but research shows that in the US around 60% of natcat damage usually UNinsured #insurancegapCebr
You say 2011 was the second worst year on record, would that have been different if this shortfall didn't exist? #insurancegapFreddie Williams
@freddiewilliams While insurance can't prevent a Tsunami, costs to taxpayer likely to be substantially lower for recovery #insurancegapCebr
@LloydsofLondon do you feel this gap is a good business opportunity for brokers? #insurancegapSagicor at Lloyd's
@sagicoratlloyds Yes, but will require hard work from broking community - we know they're up to it! http://buzz.mw/-SCF_Z #insurancegapLloyd's of London
Q&A now closed. Big thanks for all your contributions - sorry we didn't get to everyone! Thanks @CEBR_uk for joining us #insurancegapLloyd's of London
