India has the second largest insurance gap in the world of USD 27 billion (in absolute terms) after China, where the underinsurance or insurance gap is over USD 76 billion, a report said Monday. According to a Lloyd’s of London’s report, global underinsurance stands at USD 162.5 billion in 2018. Underinsurance is the gap between the level of insurance in place to cover global risks and the actual cost to businesses and governments of rebuilding and recovering from major catastrophes. This report also includes all the latest non-life underinsurance and insurance penetration data for natural catastrophes for 43 countries across the globe.
