Lifting the burden on governments: protecting our planet and public money

The specter of climate change indicates a future that will see more frequent and severe weather events. This is likely to increase dependence on governments to absorb more costs, according to the Guy Carpenter report to protect our planet and public money. Insurance penetration is already falling behind increasing losses trends, and governments are increasingly bearing the cost of disasters.

Protection gap

The difference between the total and insurance costs shown in Figure 10 is known as the “protection gap”, much of which falls on governments. The phenomenon of countries that bear an increasing share of climate costs occurs around the world, especially in developing countries where private insurance for both companies and individuals is less prevalent (see Figure 11).

Insurance penetration problems also exist in mature economies, where floods and earthquakes are usually not guaranteed. In Western Europe, approximately 40 percent of total storm costs are on or attributable to disaster victims, compared to over 60 and 70 percent for floods and earthquakes, respectively. There is a similar problem in North America, although the level of no flood insurance is worse here.

The lack of flood insurance in the United States is reflected in Figure 12, which shows that two of the country’s three largest events requiring the highest proportion of federal relief funding relative to total damage were a major flood (Superstorm Sandy and Hurricane Katrina). Another trend out of this data is that disaster spending has increased steadily over the past 50 years.

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