international association of financial insurance

As we live through times of change and uncertainty — implying higher levels of risk — individuals and organisations worldwide are increasingly experiencing situations in which their health, wealth and income are not adequately protected. The direct consequences of gaps in protection represent a major challenge for the well-being and economic prosperity of both individuals and societies. IAFI has produced this report to promote greater understanding of the largest protection gaps faced by individuals, businesses and societies globally. The report examines the drivers of the most relevant protection gaps and provides an overview of the wide range of potential levers that could help reduce each of the gaps. Some levers are illustrated with case studies. The report contains IAFI’s recommendations to policymakers of the actions that can have the largest potential impact on global protection gaps. Insurers play an important role in protecting people against the many risks in their lives by providing risk-transfer solutions and ensuring financial stability if the risks materialise. However, insurers alone cannot address all protection gaps. Public stakeholders have a vital role to play.