Air pollution is the fastest growing protection gap
Source: Asia Insurance Review | Apr 2024
In terms of insurance coverage for climate risks, air pollution creates the fastest growing protection gap according to a new survey of Airmic members.
The survey findings released in February 2024 coincide with the UK parliament’s House of Commons’ new research briefing on air quality, which highlighted that that poor air quality is considered by the government to be “the largest environmental risk to public health in the UK.
Airmic works on the strategic value of risk management and insurance in a changing world. Nearly 40% of respondents in the survey said air pollution is a protection gap for their organisations in terms of insurance coverage for climate risks, up from 21% in May 2023 when Airmic members were last polled on the same question.
Airmic members said reinsurers are seeking increasingly detailed information or blanket exclusions, particularly in the US, specially where climate risks are involved. A