Aon’s Emma Karhan on how the private sector can step up to manage the economic impact from natural disasters.
Nearly 400 natural catastrophe events in 2018 generated initial estimates of global economic losses of $225bn. Just $90bn was insured. According to Aon’s Impact Forecasting team, uninsured losses totalled $2trn over the last decade. And developing countries are hardest hit, with 76% of economic losses from natural disasters in Asia and Latin America/Caribbean uninsured in 2018. So what can be done to eliminate this ‘protection gap’?
Disaster risk finance has rightly become a high priority for the development and the international NGO community. The logic is simple: if citizens, communities and economies are resilient to catastrophe and climate risk, lives can be saved, damage can be minimised, services can be restored, and life can be improved.
All sectors have key roles to play. National governments have a role in developing and regulating markets, the development sector has a role in stimulating the process of protection and economic growth, and the private sector ultimately provides
Exclusive My CBI member-only content 
