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ARTICLE · 10 NOVEMBER 2023

IAIS Issues A Call To Action On NatCat Protection Gaps

Arthur Cox
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The International Association of Insurance Supervisors (IAIS) has published a report on the role of insurance supervisors in addressing natural catastrophe (NatCat) protection gaps...

European UnionInsurance
Stephen D'Ardis
Stephen D'Ardis
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The International Association of Insurance Supervisors (IAIS) has published a report on the role of insurance supervisors in addressing natural catastrophe (NatCat) protection gaps, which are the uninsured portion of economic losses caused by natural disasters. The report outlines why addressing NatCat protection gaps matters and presents a range of supervisory actions to address challenges related to affordability, availability and take-up of insurance coverage against NatCat events.

The report identifies five major areas of supervisory activity that can help narrow NatCat protection gaps, underpinned by current examples from IAIS member jurisdictions. These are:

  • Assessing insurance protection gaps – the collecting and sharing of data, promoting the understanding and development of NatCat models, and conducting stress testing and scenario analysis.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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