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22 May 2018 description
report Swiss Re

Every year natural and man-made catastrophes cause a distressing loss of lives and considerable economic costs around the world. Both industrialised and developing countries are affected. Surprisingly, both are also materially underinsured.

This financing gap is borne largely by the public sector, and may create long-term fiscal instability at a time when government budgets are stretched. Furthermore rating agencies are starting to take a closer look at such contingent liabilities faced by public administrations.