“addressing The Protection Gap: The Growing Importance Of Insurance Benefits In Europe” – As we live in times of change and uncertainty – which means greater risk – individuals and organizations around the world are increasingly experiencing situations where their health, assets and income are inadequately protected.

The immediate consequences of failure to conserve are major challenges to the well-being and economic prosperity of both individuals and communities.

“addressing The Protection Gap: The Growing Importance Of Insurance Benefits In Europe”

GFIA prepared this report to promote greater understanding of the biggest security gaps facing individuals, businesses and communities around the world. The report examines the causes of the most significant security failures and provides an overview of a wide range of potential levers that could help mitigate each failure. Some bars are illustrated by case studies.

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The report includes GFIA’s recommendations to policymakers for actions that could have the greatest impact on the global conservation gap.

Insurers play an important role in protecting people from multiple risks in their lives by providing risk transfer solutions and ensuring financial stability when risks materialize. However, insurers alone cannot address all security gaps. Public stakeholders have an important role to play.

By clicking “Accept all cookies”, you consent to the storage of cookies on your device to improve site navigation, analyze site usage and assist with our marketing efforts. Cookie policy Health is our greatest asset: How life and health insurance can contribute to better health outcomes and address safety gaps. Download the paper

The global health crisis has affected the population’s access to healthcare and individuals need to take preventive measures to maintain their health and well-being. At the same time, however, it has contributed to a widening of the safety gap due to rising living costs, job losses, lower incomes and rising health costs, especially for low and middle income earners. countries. .

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As risk managers, insurers and investors, the insurance industry plays an important role in promoting economic, social and environmental sustainability – as well as sustainable development by enabling more accessible healthcare models. In this context, the PSI Life and Health Working Group, comprising 10 leading insurers and reinsurers from Africa, Asia, Europe and North America, has prepared this position paper with the aim of answering the problem statement “What can insurers do to protect health? The insurance gap and global preventive health.” Help facilitate the service model?

Through research and case studies, the paper provides an overview of how life and health insurers can prioritize ESG risks in seven (7) themes: health awareness and capability, lifestyle and behavior change, healthy aging, access to risk groups, mental health. services, antibiotic resistance and a healthy environment.

The paper offers a “four-point plan for life and health insurers” – a set of four strategies and fifteen underlying approaches, built around key ESG themes and illustrated by case studies, that insurers can follow to address coverage gaps and drive health improvement. . results. In any insurance situation, you want to make sure that you are 100% covered for any financially damaging event. You don’t want to be in a situation where you are covered by insurance (or even not covered), aka coverage gaps. Unfortunately, the latest Life Insurance Association (LIA) Protection Gap Study has found that many Singaporeans have a protection gap in our Critical Illness (CI) cover.

Based on the LIA Protection Gap Study, the average Singaporean only has about S$60,000 worth of CI insurance. But in reality, Singaporeans need an average of S$300,000 CI insurance to be well protected financially if diagnosed with CI. This means that Singaporeans are only 20% insured for CI, which means the cover is only enough to cover your surgery and hospital bills! But what is the cost of your recovery after treatment? And what about your loss of income while hospitalized and recovering from treatment?

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There are many reasons why many of us find ourselves in the dangerous position of having CI risk. Lack of CI security awareness and the resulting “invincible mentality” are two major contributors to the CI security gap. Most of us think we are still young and relatively healthy. So why should we be concerned about CI insurance? “Let’s just wait and see” is a common mentality that many of us adopt.

However, as medical treatment has advanced, our average life expectancy has increased. According to the World Health Organization, it has the third highest life expectancy in the world. The average Singaporean will live to be 83.1 years old. Unfortunately, some people may be affected by CI as we age. Hence, there is an urgent and urgent need to bridge the CI protection gap that we must address.

If you understand how insurance works, you will know that CI insurance premiums increase with age due to the increased risk of insuring your life against CI. Additionally, the likelihood of CI occurrence increases with increasing age. This means, your CI insurance will be more expensive after you go through the purchase decision.

A “let’s just wait and see” mentality also leads to the problem of developing existing conditions. This can put you at risk of being classified as ‘Insufficient Life’, meaning you will have to pay an extra premium on top of your normal CI insurance premium. Another consequence of the “let’s wait and see” mentality is the potential problem of insurables. Your pre-existing condition may be too risky for any insurer to cover so they decide to exclude you from CI coverage.

Insurance Protection Gap: How Do Various Insurance Plans Help You Address Gaps In Your Coverage Needs

We know we need CI insurance urgently, why not get it early and get it cheap to protect ourselves and our loved ones?

As a general rule, your CI coverage should be five times your future earnings, which is your current annual income plus any projected growth you expect over the next five years. If you fall under these guidelines, you are probably in an underserved category.

Click this link to connect and analyze your budget to add any security gaps in your budget today.


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