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\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\"><style>#nxe-nr-gcri-editions-sr-06-full.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-nr-gcri-editions-sr-06-full.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-nr-gcri-editions-sr-06-full.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-nr-gcri-editions-sr-06-full.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-nr-gcri-editions-sr-06-full.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-nr-gcri-editions-sr-06-full.nxe :where(ul,ol){padding-left:20px}#nxe-nr-gcri-editions-sr-06-full.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-nr-gcri-editions-sr-06-full.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-nr-gcri-editions-sr-06-full.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-nr-gcri-editions-sr-06-full.nxe svg{display:none}#nxe-nr-gcri-editions-sr-06-full.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-nr-gcri-editions-sr-06-full.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nr-gcri-editions-sr-06-full.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><div class=\"nrp\"><div class=\"nrp-wrap\"><p class=\"nrj-draft\" data-nrj-shared=\"draft\" role=\"note\"><strong>Draft, not yet released.<\/strong> In stewardship review. Not indexed until the first approved release.<\/p><article class=\"nrp-flow\"><header class=\"nrp-hero\"><div class=\"nrp-hero-grid\"><div><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\">Reports<\/li><li class=\"nf-ui-eyebrow\">Baseline Edition 2026<\/li><li class=\"nf-ui-eyebrow\">Complete edition<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h1 class=\"pp-hero-title nrp-hero-title-l\">Strategic Systems Report 2026: Insurance, Protection Gaps and Insurability<\/h1><p class=\"nrp-lede\"><\/p><div class=\"nrp-actions\"><button class=\"nf-ui-btn\" data-variant=\"primary\" type=\"button\" data-nrp-act=\"print\" hidden><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M6 18H4a2 2 0 0 1-2-2v-5a2 2 0 0 1 2-2h16a2 2 0 0 1 2 2v5a2 2 0 0 1-2 2h-2\"\/><path d=\"M6 9V3a1 1 0 0 1 1-1h10a1 1 0 0 1 1 1v6\"\/><rect x=\"6\" y=\"14\" width=\"12\" height=\"8\" rx=\"1\"\/><\/svg>Print or save as PDF<\/button><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19 12H5\"\/><path d=\"m12 19-7-7 7-7\"\/><\/svg>Edition home<\/a><\/div><p class=\"nrp-note nrp-noprint\">Choose A4 or Letter in the print dialog; running heads and page numbers are added in print. This is a review copy: the signed PDF with its DOI is issued at release.<\/p><\/div><div><div class=\"nrp-cover\"><div class=\"nrp-cover-top\"><span class=\"nf-ui-eyebrow\">Reports<\/span><span class=\"nf-ui-eyebrow\">SR-06<\/span><\/div><span class=\"nrp-cover-rule\" aria-hidden=\"true\"><\/span><p class=\"nrp-cover-k\">Strategic Systems<\/p><p class=\"nrp-cover-t\">Insurance, Protection Gaps and Insurability 2026<\/p><p class=\"nrp-cover-s\"><\/p><div class=\"nrp-cover-foot\"><span>Baseline Edition 2026<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><span><abbr title=\"The Global Centre for Risk and Innovation\">GCRI<\/abbr> for the Nexus Consortium<\/span><\/div><\/div><\/div><\/div><\/header><section class=\"nrp-block nrp-imprint\" aria-label=\"Imprint\"><p class=\"nf-ui-eyebrow\">Imprint<\/p><dl class=\"nrp-dl\"><dt>Editor<\/dt><dd>Saeed Valadbaygi, Chief Steward and Managing Editor, the Global Centre for Risk and Innovation (GCRI)<\/dd><dt>Publisher of record<\/dt><dd>The Global Centre for Risk and Innovation (GCRI) for the Nexus Consortium, Toronto<\/dd><dt>Report number<\/dt><dd class=\"nrp-mono\">NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/dd><dt>Evidence close<\/dt><dd>30 September 2026, cut DC-STRATEGIC-INSURANCE-GLOBAL-2026-B0<\/dd><dt>Status<\/dt><dd>Draft under stewardship review; not yet released<\/dd><dt>DOI and UNI<\/dt><dd>Issued at deposit<\/dd><dt>Licence<\/dt><dd>CC BY 4.0 for Nexus-authored text, tables and figures; third-party material keeps its own licence<\/dd><dt>Cite as<\/dt><dd>Valadbaygi, S. (Ed.). (2026). Strategic <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> Report 2026: Insurance, Protection Gaps and Insurability (Baseline Edition 2026, Report No. NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE) [Draft under review]. The Global Centre for Risk and Innovation (GCRI). https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/<\/dd><\/dl><\/section><section class=\"nrp-block\" aria-label=\"Contents\"><p class=\"nf-ui-eyebrow\">Contents<\/p><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">\u00b7<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-summary\">Executive summary<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">1<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-coupled-system\">Chapter 1. Protection gaps are shared risk<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">2<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-findings\">Chapter 2. Key findings<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">3<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-systems-and-sectors\">Chapter 3. Systems and sectors at baseline<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">4<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-risk-and-capability\">Chapter 4. Risks and capability<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">5<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-scenario\">Chapter 5. Large insured loss that meets soft pricing and thin backstops<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">6<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-lenses-and-readings\">Chapter 6. Readings from the other desks<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">7<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-agenda\">Chapter 7. The 2027 agenda<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">8<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-systems-in-depth\">Chapter 8. Systems in depth<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">A<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-methodology\">Annex A. Methodology<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">B<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-data\">Annex B. Data appendix<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">C<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-sr-06-part-references\">Annex C. References and record<\/a><\/p><\/li><\/ol><\/section><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-summary\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-cs-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Executive summary<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Executive summary<\/h2><p class=\"nrp-lede\">The edition on a few pages: the abstract, the key messages, the headline finding and what each steward reads in it.<\/p><p class=\"nrp-chap-meta\"><span>7 min read<\/span><span>1 figure<\/span><span>0 tables<\/span><span>13 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cs-s1\" aria-labelledby=\"nx-nrp-sr-06-cs-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cs-s1-h\"><span class=\"nrp-num\">S.1<\/span><span>Abstract<\/span><\/h2><div class=\"nrp-prose\"><p>Insurance moves loss from those who suffer it to those who can pool it. A <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> is the part that stays with the sufferer. For 2025, four published estimates put global insured natural catastrophe losses between USD 107 billion and USD 129 billion and economic losses between USD 220 billion and USD 296 billion<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n1\" id=\"nx-nrp-sr-06-cs-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n2\" id=\"nx-nrp-sr-06-cs-r2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" id=\"nx-nrp-sr-06-cs-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n4\" id=\"nx-nrp-sr-06-cs-r4\" aria-label=\"Note 4\">4<\/a><\/sup>. The uninsured share of those losses is put at 51% by Aon, a record low, and at 56% by Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n4\" aria-label=\"Note 4\">4<\/a><\/sup>. The low share reflects losses that were concentrated in the United States<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup>. Swiss Re reports that secondary perils made up 92% of insured losses and that insured losses grow 5% to 7% a year in real terms<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup>. In Asia-Pacific, Munich Re puts overall losses at about USD 73 billion and insured losses at USD 9 billion<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup>. Availability is also changing. A US Treasury study of 246 million policies found nonrenewal rates about 80% higher in the highest-risk ZIP Codes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n12\" id=\"nx-nrp-sr-06-cs-r12\" aria-label=\"Note 12\">12<\/a><\/sup>. The California FAIR Plan held 698,307 policies and USD 773 billion of exposure in September 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n8\" id=\"nx-nrp-sr-06-cs-r8\" aria-label=\"Note 8\">8<\/a><\/sup>. The US flood programme is authorised only to 11 December 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n10\" id=\"nx-nrp-sr-06-cs-r10\" aria-label=\"Note 10\">10<\/a><\/sup>. This baseline reads these facts as mechanisms, not as a list. It rates no insurer, ranks no country and recommends no policy.<\/p><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cs-s2\" aria-labelledby=\"nx-nrp-sr-06-cs-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cs-s2-h\"><span class=\"nrp-num\">S.2<\/span><span>Key messages<\/span><\/h2><p class=\"nrp-stand\">Six readings that frame the insurance and protection gaps baseline, and the eight questions this edition answers, each with its status and source.<\/p><ol class=\"nrp-km\"><li><p class=\"nrp-km-t\">Yes: rising exposure, secondary perils and low take-up recur across markets.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n5\" id=\"nx-nrp-sr-06-cs-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Do protection gaps have common causes?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">Through nonrenewal, residual markets and short-dated public schemes.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n8\" aria-label=\"Note 8\">8<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n9\" id=\"nx-nrp-sr-06-cs-r9\" aria-label=\"Note 9\">9<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n10\" aria-label=\"Note 10\">10<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>How do gaps spread?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">Between 51% and 56% of 2025 economic losses, by two estimates.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>How large is the gap?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">No: national resilience ran from about 5% to above 80% in 2023.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Is the gap the same everywhere?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">In high-risk US ZIP Codes nonrenewals were higher, 2018 to 2022.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Is cover getting harder to keep?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">In part, and on different terms and time limits.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n10\" aria-label=\"Note 10\">10<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n16\" id=\"nx-nrp-sr-06-cs-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n18\" id=\"nx-nrp-sr-06-cs-r18\" aria-label=\"Note 18\">18<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n48\" id=\"nx-nrp-sr-06-cs-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Do public schemes fill the gap?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">Reinsurance rates fell 14.7% at January 2026 while loss trends rose.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>What do prices say?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">A large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> that meets soft pricing and thin backstops. SCN-SR06-LOSS-01<\/p><p class=\"nrp-km-m\"><span>What will 2027 test first?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cs-s3\" aria-labelledby=\"nx-nrp-sr-06-cs-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cs-s3-h\"><span class=\"nrp-num\">S.3<\/span><span>Headline finding<\/span><\/h2><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-002<\/span><\/p><p class=\"nrp-km-t\">The uninsured share of 2025 economic losses is put at 51% by Aon, a record low, and at 56%, or USD 167 billion, by Gallagher Re. Aon links the low share to losses concentrated in the United States.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-sr-06-cs-fig1\" aria-labelledby=\"nx-nrp-sr-06-cs-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure S.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-06-cs-fig1-t\">Uninsured share of 2025 economic losses (%)<\/span><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">Aon, record low<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"91.1\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">51<\/td><\/tr><tr><th scope=\"row\">Gallagher Re<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">56<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Sources: Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup>; Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n4\" aria-label=\"Note 4\">4<\/a><\/sup>. Scope differs; the two values are not averaged.<\/p><\/figure><p class=\"nrp-p\">A low global share does not mean low gaps everywhere. Aon ties it to losses concentrated in a market with high take-up, and Munich Re shows only USD 9 billion insured of about USD 73 billion in Asia-Pacific<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup>.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cs-s4\" aria-labelledby=\"nx-nrp-sr-06-cs-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cs-s4-h\"><span class=\"nrp-num\">S.4<\/span><span>At a glance<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">107 to 129<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> range<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">51 to 56<\/span><span class=\"nrp-cell-u\">%<\/span><p>uninsured share<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">92<\/span><span class=\"nrp-cell-u\">%<\/span><p>secondary perils share<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">773<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>FAIR Plan exposure<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">4.5<\/span><span class=\"nrp-cell-u\">million<\/span><p>flood programme policies<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">\u224815<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>cyber premiums, 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cs-n19\" id=\"nx-nrp-sr-06-cs-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cs-s5\" aria-labelledby=\"nx-nrp-sr-06-cs-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cs-s5-h\"><span class=\"nrp-num\">S.5<\/span><span>What each steward reads in it<\/span><\/h2><div class=\"nrp-cards\" data-n=\"3\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GCRI \u00b7 KEY T<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Technical Truth<\/h3><p>The evidence supports reading protection gaps as shared risk.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\"><abbr title=\"The Global Risks Forum\">GRF<\/abbr> \u00b7 KEY M<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Public Meaning<\/h3><p>For most people a protection gap arrives as a refused renewal, a flood claim that is not covered or a repair bill with no payout.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 KEY F<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Capital Meaning<\/h3><p>Readiness implications only. Loss trends are rising, reinsurance prices fell at January 2026 renewals, and several public schemes run on short terms.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">NEXUS<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Synthesis<\/h3><p>Protection gaps are well described as loss totals and thinly measured as a system.<\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cs-s6\" aria-labelledby=\"nx-nrp-sr-06-cs-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cs-s6-h\"><span class=\"nrp-num\">S.6<\/span><span>What this edition is, and is not<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What this edition is<\/h3><p>A baseline: the 2026 state of the world\u2019s insurance markets, protection gaps and insurability limits and the couplings through which it carries risk into other <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>. It synthesises published evidence and ranks no country, company or asset.<\/p><\/div><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What it is not<\/h3><p>Not an insurer rating, a solvency opinion, a pricing guide, an assessment of any insurer, reinsurer, scheme or government, or advice to buy or sell any policy. Underwriting, supervision and public backstops rest with insurers, supervisors and governments.<\/p><\/div><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What comes next<\/h3><p>National, regional and sector evidence feeds the 2027 insurance and protection gaps edition through the federation. Each edition reports what changed against this baseline: observations, source revisions, method changes, scenario updates and corrections.<\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cs-notes\" aria-labelledby=\"nx-nrp-sr-06-cs-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cs-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-cs-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), report of the Swiss Re Institute sigma resilience index published in July 2024 (global protection gap USD 1.83 trillion in 2023; natural catastrophe gap USD 385 billion premium equivalent; natural catastrophe resilience 25.7%; United States 39%; national values from about 5% to above 80%). The sigma report was not opened. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Flood Re (ed.), About us (reinsurance scheme for affordable flood cover in home insurance; planned to run until 2039). Flood Re, London. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n48\"><span class=\"nrp-notes-n\">48<\/span><span>CCRIF SPC (ed.), CCRIF in a Snapshot, brief revised April 2025 (78 payouts totalling about USD 390 million between June 2007 and April 2025; 30 members as of June 2024). The PDF was opened and its text read. CCRIF SPC, Grand Cayman. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cs-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cs-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-coupled-system\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c1-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 1<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Protection gaps are shared risk<\/h2><p class=\"nrp-lede\">Part I describes systems and their couplings. It ranks no country or operator and assesses no authority.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>2 figures<\/span><span>1 table<\/span><span>10 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c1-s1\" aria-labelledby=\"nx-nrp-sr-06-c1-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c1-s1-h\"><span class=\"nrp-num\">1.1<\/span><span>The questions this part answers<\/span><\/h2><h3 class=\"nrp-h3\">Key questions<\/h3><ul class=\"nrp-list\"><li>Where is insurance and protection gaps risk concentrated?<\/li><li>Which couplings carry insurance and protection gaps shocks into other <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>?<\/li><li>Which insurance and protection gaps capabilities hold under compound stress?<\/li><li>What must 2027 evidence measure first?<\/li><\/ul><h3 class=\"nrp-h3\">In this part<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">Narrative<\/li><li class=\"nf-ui-chip\">Headline finding<\/li><li class=\"nf-ui-chip\">Lead figure<\/li><li class=\"nf-ui-chip\">Five mechanism chapters<\/li><li class=\"nf-ui-chip\">Twelve-domain reading<\/li><li class=\"nf-ui-chip\">Sector screens<\/li><li class=\"nf-ui-chip\">Dependency matrix<\/li><li class=\"nf-ui-chip\">Risk objects<\/li><li class=\"nf-ui-chip\">Capability ladder<\/li><li class=\"nf-ui-chip\">Scenario<\/li><li class=\"nf-ui-chip\">Three lenses<\/li><li class=\"nf-ui-chip\">Portfolio<\/li><\/ul><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c1-s2\" aria-labelledby=\"nx-nrp-sr-06-c1-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c1-s2-h\"><span class=\"nrp-num\">1.2<\/span><span>The argument<\/span><\/h2><div class=\"nrp-prose\"><p>Insurance is usually reported by line: property, health, crop, cyber. The 2025 and 2026 evidence reads it as one system that moves loss between households, firms, insurers, reinsurers and governments. When cover thins, the loss lands on the next party in line<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n1\" id=\"nx-nrp-sr-06-c1-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n4\" id=\"nx-nrp-sr-06-c1-r4\" aria-label=\"Note 4\">4<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n8\" id=\"nx-nrp-sr-06-c1-r8\" aria-label=\"Note 8\">8<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n10\" id=\"nx-nrp-sr-06-c1-r10\" aria-label=\"Note 10\">10<\/a><\/sup>.<\/p><p>The causes repeat. Secondary perils such as <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a>, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h1\" data-tc=\"NHS-1 atmo.convective.thunderstorm\" data-tk=\"Atmosphere and weather \u00b7 Convective storms\" data-td=\"A convective storm cell with lightning and thunder that can bring heavy rain, gusts and hail.\" data-ts=\"NRS-H1\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">severe storm<\/a> and flood made up 92% of 2025 insured losses<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup>. Exposure grows 5% to 7% a year in real terms<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n7\" id=\"nx-nrp-sr-06-c1-r7\" aria-label=\"Note 7\">7<\/a><\/sup>. Take-up of cover is low in many markets: Munich Re puts insured losses at USD 9 billion of about USD 73 billion in Asia-Pacific<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n2\" id=\"nx-nrp-sr-06-c1-r2\" aria-label=\"Note 2\">2<\/a><\/sup>.<\/p><p>Availability is changing in rich markets too. In the United States, nonrenewal rates were about 80% higher in the highest-risk ZIP Codes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n12\" id=\"nx-nrp-sr-06-c1-r12\" aria-label=\"Note 12\">12<\/a><\/sup>, and the California FAIR Plan reached USD 773 billion of exposure<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n8\" aria-label=\"Note 8\">8<\/a><\/sup>. The flood programme runs on short authorisations<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n10\" aria-label=\"Note 10\">10<\/a><\/sup>.<\/p><p>The edition asks the same four questions of every event: what was the common cause, how did loss spread, what was shared, and what threshold was crossed. It rates no insurer and ranks no market.<\/p><\/div><figure class=\"nrp-fig\" id=\"nx-nrp-sr-06-c1-fig1\" aria-labelledby=\"nx-nrp-sr-06-c1-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 1.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-06-c1-fig1-t\">How much of 2025 natural catastrophe loss was uninsured? Percent of economic losses<\/span><p class=\"nrp-fig-what\">Three readings give a gap of 51% to 56%. The Swiss Re bar is an editor derivation, method (5). Scope differs, so the bars show a range and are not averaged<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n3\" id=\"nx-nrp-sr-06-c1-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n4\" aria-label=\"Note 4\">4<\/a><\/sup>.<\/p><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">Gallagher Re<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">56<\/td><\/tr><tr><th scope=\"row\">Aon, record low<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"91.1\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">51<\/td><\/tr><tr><th scope=\"row\">Swiss Re, derived from 49% insured<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"91.1\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">51<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Source: as cited in the note to this figure. Year 2025.<\/p><p class=\"nrp-fig-src\">Figure ID FIG-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-01-003<\/p><\/figure><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">56<\/span><span class=\"nrp-cell-u\">%<\/span><p>uninsured, Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">51<\/span><span class=\"nrp-cell-u\">%<\/span><p>uninsured, Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">\u224849<\/span><span class=\"nrp-cell-u\">%<\/span><p>insured, Swiss Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">\u2248167<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>uninsured loss, Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c1-s3\" aria-labelledby=\"nx-nrp-sr-06-c1-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c1-s3-h\"><span class=\"nrp-num\">1.3<\/span><span>Twenty couplings between five systems<\/span><\/h2><p class=\"nrp-stand\">The insurance and protection gaps-centred matrix types the twenty couplings between the five core <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, read for their insurance and protection gaps content. Strengths are Nexus estimates (ESTIMATED) from the cited evidence and analogue events; they set the graph that 2027 evidence will test.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-sr-06-c1-fig2\" aria-labelledby=\"nx-nrp-sr-06-c1-fig2-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 1.2<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-06-c1-fig2-t\">Couplings between the five systems<\/span><p class=\"nrp-fig-what\">Each line is one coupling from one system to another, drawn by the strength the edition assigns. Strengths are Nexus estimates from the cited evidence and analogue events.<\/p><\/figcaption><svg class=\"nrp-svg nrp-ring\" viewBox=\"0 0 340 340\" role=\"img\" aria-label=\"Coupling ring: 20 typed couplings between water, energy, food, health and biodiversity. The matrix in the next table carries every value.\" data-nx-z=\"rZZtT6swFID\/StPP2EF5GRhYornzeuPVRa+JnyutoxEpKeXO3V9\/U7oJ23C6sS+EdGech3Oe9hCXRGUgzUlVJbCQ5RmjcwYBJYqcLRJ4O\/sxfbh4nEJAE3jrjG1kW26IbHCPvTHyrMBFPsCRj3zLwRHCEFRKild2tuBUZQl0EPbhJFZc5WzyRBSTQAkwLZicL8\/B2+rpCLzkQlBACgpSIXJezEEuqioemT\/GI005ifez\/nl8mN397Ce1LcfzkQ30fWDhcYDCbVSMekivhKDnoGqe3KWkUtTzTIFUivII1M\/L6gQR8ix9DUGEkdfP2l\/Wa0Zyle2WNWvWNQ1\/OxD0aXpx0wOJHRRaju2iMfC8T3v\/sUBJlREpyTKBLvB2wS+5oPwvkxVXy3OwmF7cNOiLo2E7RoJ77IQIr2jbtziY1kircRvuNWdZv5W8mA\/p\/yZt5CNsYcdG4322bhjQohlfWwFSkVOQZoQXjbbPdcULVlWAF4pJWZeKi+JERW5QXR\/5+7z9fpHXMpsqZ6IquSI5KMWCyZMQGxWa\/TZE4pa4z+JcV72u2NHErQGGOFidDQNE1o7saLzgKqOSLEhenYQVe6GubuQjd+98+C7semQY2mcuWLNwsrralms7KBji7hp109yiVpIP2mYbqLjha7bZAGnXqJ8qm4qiWT4euy0kuI\/cjwE8wFtT111zhXx9ETJlpyDVeJ6lr\/4gbVvWTXFPDmtb2Mf7P2wOgDXjY+3Bs6jlKTg9D4WriTbA2Zayz1rJKk5rNug7rIUD9xFGgfm63WNsdwZ3oTqOtqO4IKqWJAfP9csLk0efsl1IgxZGuv8DZN1G31Q2W1IpcnH8WbtBHER6hJn9NUDZbeSuuKXIc16QIWfulgnrQTZgOGwDbw6Jf0IUotq1d96FLQRlcBKnXKY5A+l7Apv+Q5DqXI2fMoE4gKNJrNi7Am3EMoEe1jd6\/YwUaSZkAt84pTmDk6eLx3ikf5nEo\/mXSRvTTNKVbjtZVyE6wnV1RG\/a6d30kLTaFpN21YHdtCZER4S2juhNezWbHZBWt3x\/VhPxRdLr34eUWOu3v8Im4osCX\/7qvul\/\"><\/svg><ul class=\"nrp-legend\"><li><span class=\"nrp-key\" data-w=\"STRONG\"><\/span>Strong<\/li><li><span class=\"nrp-key\" data-w=\"MODERATE\"><\/span>Moderate<\/li><li><span class=\"nrp-key\" data-w=\"WEAK\"><\/span>Weak<\/li><\/ul><p class=\"nrp-fig-src\">Source: this edition&#8217;s coupling matrix (Table 1.1); status Estimated.<\/p><\/figure><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c1-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 1.1<\/span><span class=\"nrp-tbl-t\">Coupling matrix: from the row system to the column system<\/span><\/caption><thead><tr><th scope=\"col\">From, to<\/th><th scope=\"col\">WAT<\/th><th scope=\"col\">ENE<\/th><th scope=\"col\">FOO<\/th><th scope=\"col\">HLT<\/th><th scope=\"col\">BIO<\/th><\/tr><\/thead><tbody><tr><td><b>WAT<\/b> Water<\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>MODERATE<br><span class=\"nrp-cell-u\">flood and cooling loss<\/span><\/td><td>STRONG<br><span class=\"nrp-cell-u\">flood and drought crop loss<\/span><\/td><td>MODERATE<br><span class=\"nrp-cell-u\">flood health claims<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">flows<\/span><\/td><\/tr><tr><td><b>ENE<\/b> Energy<\/td><td>WEAK<br><span class=\"nrp-cell-u\">pumping<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>MODERATE<br><span class=\"nrp-cell-u\">cold chain and business interruption<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">hospital power<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">land use<\/span><\/td><\/tr><tr><td><b>FOO<\/b> Food<\/td><td>WEAK<br><span class=\"nrp-cell-u\">withdrawals<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">bioenergy<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">nutrition<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">land conversion<\/span><\/td><\/tr><tr><td><b>HLT<\/b> Health<\/td><td>WEAK<br><span class=\"nrp-cell-u\">workforce<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">workforce<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">labour<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">residues<\/span><\/td><\/tr><tr><td><b>BIO<\/b> Biodiversity<\/td><td>MODERATE<br><span class=\"nrp-cell-u\">natural buffers<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">hydrology<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">pollination<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">zoonoses<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"6\">Strength: strong, moderate or weak; a Nexus estimate (status Estimated) from cited evidence and analogue events. The scale is defined in Annex A.<\/td><\/tr><\/tfoot><\/table><\/div><h3 class=\"nrp-h3\">Transmission paths<\/h3><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-t\">CLI \u2192 FIN \u2192 DEV<\/p><p class=\"nrp-rows-x\">Secondary perils raise insured losses while take-up stays low in some markets.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-t\">FIN \u2192 FIN<\/p><p class=\"nrp-rows-x\">Nonrenewal pushes policies into a residual market.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> FAIR Plan 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n8\" aria-label=\"Note 8\">8<\/a><\/sup> \u00b7 FIO<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-t\">WAT \u2192 INF \u2192 FIN<\/p><p class=\"nrp-rows-x\">Flood falls outside homeowners cover and onto a short-dated public scheme.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> NFIP 2025 to 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n10\" aria-label=\"Note 10\">10<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n11\" id=\"nx-nrp-sr-06-c1-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-t\">FIN \u2194 TRD<\/p><p class=\"nrp-rows-x\">Reinsurance pricing responds to capital and recent losses.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> renewals 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-t\">DAT \u2192 FIN<\/p><p class=\"nrp-rows-x\">A young cyber market grows from a small base.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c1-n19\" id=\"nx-nrp-sr-06-c1-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c1-notes\" aria-labelledby=\"nx-nrp-sr-06-c1-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c1-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c1-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Artemis (ed.), report of Swiss Re Institute insurance market outlook, July 2025 (inflation-adjusted natural catastrophe exposure growth of 5% to 7% a year, faster than premiums). The outlook itself was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; protection gap 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), FloodSmart (most homeowners insurance does not cover flood damage; almost one third of NFIP claims come from outside high-risk flood areas, stated as 29%). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c1-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c1-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-findings\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c2-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 2<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Key findings<\/h2><p class=\"nrp-lede\">Twelve findings carry the insurance and protection gaps baseline. They are grouped by coupling and never ranked. Each resolves to its source or, where Nexus analysis is involved, to its stated method.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>1 figure<\/span><span>0 tables<\/span><span>13 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c2-s1\" aria-labelledby=\"nx-nrp-sr-06-c2-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c2-s1-h\"><span class=\"nrp-num\">2.1<\/span><span>Headline finding<\/span><\/h2><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-002\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-002<\/a><\/p><p class=\"nrp-km-t\">The uninsured share of 2025 economic losses is put at 51% by Aon, a record low, and at 56%, or USD 167 billion, by Gallagher Re. Aon links the low share to losses concentrated in the United States.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-sr-06-c2-fig1\" aria-labelledby=\"nx-nrp-sr-06-c2-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 2.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-sr-06-c2-fig1-t\">Uninsured share of 2025 economic losses (%)<\/span><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">Aon, record low<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"91.1\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">51<\/td><\/tr><tr><th scope=\"row\">Gallagher Re<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">56<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Sources: Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n3\" id=\"nx-nrp-sr-06-c2-r3\" aria-label=\"Note 3\">3<\/a><\/sup>; Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n4\" id=\"nx-nrp-sr-06-c2-r4\" aria-label=\"Note 4\">4<\/a><\/sup>. Scope differs; the two values are not averaged.<\/p><\/figure><h3 class=\"nrp-h3\">Implication<\/h3><p class=\"nrp-p\">A low global share does not mean low gaps everywhere. Aon ties it to losses concentrated in a market with high take-up, and Munich Re shows only USD 9 billion insured of about USD 73 billion in Asia-Pacific<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n2\" id=\"nx-nrp-sr-06-c2-r2\" aria-label=\"Note 2\">2<\/a><\/sup>.<\/p><h3 class=\"nrp-h3\">What would move it<\/h3><p class=\"nrp-p\">A year with large losses outside the United States, a shared method for the gap, or a published national series would each move this finding.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c2-s2\" aria-labelledby=\"nx-nrp-sr-06-c2-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c2-s2-h\"><span class=\"nrp-num\">2.2<\/span><span>Finance<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-001\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-001\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-001<\/a><\/p><p class=\"nrp-find-t\">Four published estimates put 2025 global insured natural catastrophe losses between USD 107 billion and USD 129 billion, and economic losses between USD 220 billion and USD 296 billion.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n1\" id=\"nx-nrp-sr-06-c2-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-002\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-002\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-002<\/a><\/p><p class=\"nrp-find-t\">The uninsured share of 2025 economic losses is put at 51% by Aon, a record low, and at 56%, or USD 167 billion, by Gallagher Re. Aon links the low share to losses concentrated in the United States.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-005\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-005\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-005<\/a><\/p><p class=\"nrp-find-t\">Swiss Re put the 2023 global <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> across all perils at USD 1.83 trillion, and natural catastrophe resilience, the insured share of economic losses, at 25.7%, with national values from about 5% to above 80%.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n5\" id=\"nx-nrp-sr-06-c2-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-006\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-006\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-006<\/a><\/p><p class=\"nrp-find-t\">In a US Treasury study of more than 330 insurers and 246 million policies over 2018 to 2022, nonrenewal rates were about 80% higher in the highest-risk ZIP Codes than in the lowest-risk ones.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n12\" id=\"nx-nrp-sr-06-c2-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-007\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-007\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-007<\/a><\/p><p class=\"nrp-find-t\">The California FAIR Plan held 698,307 policies and USD 773 billion of exposure in September 2026, up 157% and 252% since September 2022.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n8\" id=\"nx-nrp-sr-06-c2-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-008\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-008\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-008<\/a><\/p><p class=\"nrp-find-t\">Florida Citizens held about 1.4 million policies at its September 2023 peak and 439,079 in late November 2025 after rounds of transfers to private insurers.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n9\" id=\"nx-nrp-sr-06-c2-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-010\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-010\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-FIN-010<\/a><\/p><p class=\"nrp-find-t\">Risk-adjusted property catastrophe reinsurance rates fell 14.7% at January 2026 renewals, the largest fall since 2014, while Swiss Re models a peak-loss scenario of about USD 320 billion for 2026 against USD 148 billion at normal levels.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c2-s3\" aria-labelledby=\"nx-nrp-sr-06-c2-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c2-s3-h\"><span class=\"nrp-num\">2.3<\/span><span>Climate forcing<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-CLI-003\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-CLI-003\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-CLI-003<\/a><\/p><p class=\"nrp-find-t\">Swiss Re reports that secondary perils made up 92% of 2025 insured losses, that the Los Angeles wildfires were the largest insured <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> loss on sigma records at USD 40 billion, and that insured losses grow 5% to 7% a year in real terms.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c2-s4\" aria-labelledby=\"nx-nrp-sr-06-c2-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c2-s4-h\"><span class=\"nrp-num\">2.4<\/span><span>Development<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-DEV-004\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-DEV-004\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-DEV-004<\/a><\/p><p class=\"nrp-find-t\">Munich Re puts 2025 losses in Asia-Pacific at about USD 73 billion, of which USD 9 billion was insured, and losses in Africa at about USD 3 billion, with less than a fifth insured.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-DEV-011\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-DEV-011\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-DEV-011<\/a><\/p><p class=\"nrp-find-t\">Public schemes close part of the gap in different ways: CCRIF made 78 payouts totalling about USD 390 million between June 2007 and April 2025, the Australian <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">cyclone<\/a> pool has run since 1 July 2022 with a government guarantee of 10 billion Australian dollars, and Flood Re is planned to run to 2039.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n16\" id=\"nx-nrp-sr-06-c2-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n18\" id=\"nx-nrp-sr-06-c2-r18\" aria-label=\"Note 18\">18<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n48\" id=\"nx-nrp-sr-06-c2-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c2-s5\" aria-labelledby=\"nx-nrp-sr-06-c2-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c2-s5-h\"><span class=\"nrp-num\">2.5<\/span><span>Infrastructure<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-INF-009\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-INF-009\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-INF-009<\/a><\/p><p class=\"nrp-find-t\">The US flood programme covers nearly 4.5 million policies and almost USD 1.3 trillion of coverage, is authorised only to 11 December 2026, and lapsed from 1 October to 12 November 2025. Most homeowners policies exclude flood.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n10\" id=\"nx-nrp-sr-06-c2-r10\" aria-label=\"Note 10\">10<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c2-n11\" id=\"nx-nrp-sr-06-c2-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c2-s6\" aria-labelledby=\"nx-nrp-sr-06-c2-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c2-s6-h\"><span class=\"nrp-num\">2.6<\/span><span>Systemic<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-SYS-012\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-SYS-012\">NRF-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-SYS-012<\/a><\/p><p class=\"nrp-find-t\">The leading compound pathway for 2027 testing is a large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> that meets soft reinsurance pricing, short-dated public backstops and thin household cover. \u00a7 scenario<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c2-notes\" aria-labelledby=\"nx-nrp-sr-06-c2-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c2-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c2-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), report of the Swiss Re Institute sigma resilience index published in July 2024 (global protection gap USD 1.83 trillion in 2023; natural catastrophe gap USD 385 billion premium equivalent; natural catastrophe resilience 25.7%; United States 39%; national values from about 5% to above 80%). The sigma report was not opened. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Flood Re (ed.), About us (reinsurance scheme for affordable flood cover in home insurance; planned to run until 2039). Flood Re, London. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n48\"><span class=\"nrp-notes-n\">48<\/span><span>CCRIF SPC (ed.), CCRIF in a Snapshot, brief revised April 2025 (78 payouts totalling about USD 390 million between June 2007 and April 2025; 30 members as of June 2024). The PDF was opened and its text read. CCRIF SPC, Grand Cayman. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c2-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), FloodSmart (most homeowners insurance does not cover flood damage; almost one third of NFIP claims come from outside high-risk flood areas, stated as 29%). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c2-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-systems-and-sectors\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c3-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 3<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Systems and sectors at baseline<\/h2><p class=\"nrp-chap-meta\"><span>7 min read<\/span><span>0 figures<\/span><span>2 tables<\/span><span>18 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c3-s1\" aria-labelledby=\"nx-nrp-sr-06-c3-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c3-s1-h\"><span class=\"nrp-num\">3.1<\/span><span>Where each system stood at evidence close<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">FIN \u00b7 Insured loss<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Global insured natural catastrophe losses, range of four estimates<\/h3><span class=\"pp-metric\">107 to 129<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>four publishers, different scope.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>Swiss Re, Munich Re, Aon, Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n1\" id=\"nx-nrp-sr-06-c3-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n2\" id=\"nx-nrp-sr-06-c3-r2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n3\" id=\"nx-nrp-sr-06-c3-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n4\" id=\"nx-nrp-sr-06-c3-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">FIN \u00b7 Gap<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Uninsured share of 2025 economic losses, two estimates<\/h3><span class=\"pp-metric\">51 to 56<\/span><span class=\"nrp-cell-u\">%<\/span><p>Aon 51%, Gallagher Re 56%.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>Aon, Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">CLI \u00b7 Perils<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Share of insured losses from secondary perils<\/h3><span class=\"pp-metric\">92<\/span><span class=\"nrp-cell-u\">%<\/span><p>a record on sigma series.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>Swiss Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">FIN \u00b7 Residual market<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">California FAIR Plan exposure<\/h3><span class=\"pp-metric\">773<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>698,307 policies.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2026<\/span><span>FAIR Plan<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n8\" id=\"nx-nrp-sr-06-c3-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">INF \u00b7 Flood scheme<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">US flood programme authorised to<\/h3><span class=\"pp-metric\">11 Dec<\/span><span class=\"nrp-cell-u\">2026<\/span><p>36 short-term reauthorisations since FY2017.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2026<\/span><span>CRS<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n10\" id=\"nx-nrp-sr-06-c3-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">SYS \u00b7 Cross-system<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Global protection gap, all perils<\/h3><span class=\"pp-metric\">1.83<\/span><span class=\"nrp-cell-u\">USD trillion<\/span><p>premium equivalent.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2023<\/span><span>Swiss Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n5\" id=\"nx-nrp-sr-06-c3-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/span><\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c3-s2\" aria-labelledby=\"nx-nrp-sr-06-c3-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c3-s2-h\"><span class=\"nrp-num\">3.2<\/span><span>Domain posture<\/span><\/h2><p class=\"nrp-stand\">Each of the twelve coupled domains is read through insurance and protection gaps, in words, not scored. The coupling column names the dependency that carries insurance and protection gaps risk into each domain.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c3-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 3.1<\/span><span class=\"nrp-tbl-t\">Each domain read in words, not scored<\/span><\/caption><thead><tr><th scope=\"col\">Domain<\/th><th scope=\"col\">Posture at baseline<\/th><th scope=\"col\">Coupling<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">WAT<\/span><\/td><td>Flood is the peril most often left uncovered by homeowners policies; Swiss Re put 2025 flood insured losses at USD 3.4 billion.<\/td><td><span class=\"nrp-mono\">WAT \u2192 FOO, HLT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">ENE<\/span><\/td><td>Power and energy assets sit inside property and business interruption cover; no consolidated series here.<\/td><td><span class=\"nrp-mono\">ENE \u2192 FOO<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">FOO<\/span><\/td><td>Crop cover is run through public-private programmes in some markets; no global series bound here.<\/td><td><span class=\"nrp-mono\">WAT \u2192 FOO<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">HLT<\/span><\/td><td>Health and mortality protection gaps are tracked separately and are not consolidated here.<\/td><td><span class=\"nrp-mono\">WAT \u2192 HLT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">BIO<\/span><\/td><td>Natural buffers can lower insured losses; evidence not consolidated here.<\/td><td><span class=\"nrp-mono\">BIO \u2192 WAT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">CLI<\/span><\/td><td>Secondary perils made up 92% of 2025 insured losses; insured losses grow 5% to 7% a year.<\/td><td><span class=\"nrp-mono\">CLI \u2192 FIN<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">INF<\/span><\/td><td>The US flood programme is authorised to 11 December 2026 with 4.5 million policies.<\/td><td><span class=\"nrp-mono\">INF \u2192 FIN<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">FIN<\/span><\/td><td>The core system: 51% to 56% of 2025 economic losses uninsured; USD 1.83 trillion gap in 2023.<\/td><td><span class=\"nrp-mono\">the core system<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">DAT<\/span><\/td><td>Cyber cover is young: premiums close to USD 15 billion in 2025; data on insured share of loss are thin.<\/td><td><span class=\"nrp-mono\">DAT \u2192 FIN<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">AIC<\/span><\/td><td>Models and data shape pricing and availability; no consolidated series here.<\/td><td><span class=\"nrp-mono\">AIC \u2192 FIN<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">MIN<\/span><\/td><td>Repair and rebuild costs depend on materials and trades; no series bound here.<\/td><td><span class=\"nrp-mono\">MIN \u2192 FIN<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">TRD<\/span><\/td><td>Reinsurance is a cross-border market; January 2026 rates fell 14.7%.<\/td><td><span class=\"nrp-mono\">FIN \u2194 TRD<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c3-s3\" aria-labelledby=\"nx-nrp-sr-06-c3-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c3-s3-h\"><span class=\"nrp-num\">3.3<\/span><span>Sector screens<\/span><\/h2><p class=\"nrp-stand\">All sixteen sectors are screened for their dependence on insurance and protection gaps, on the same grammar as every national edition. The evidence column describes coverage of the baseline evidence, not the performance of the sector.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c3-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 3.2<\/span><span class=\"nrp-tbl-t\">Sectors: baseline evidence and the exposure to watch<\/span><\/caption><thead><tr><th scope=\"col\">Code<\/th><th scope=\"col\">Sector<\/th><th scope=\"col\">Baseline evidence<\/th><th scope=\"col\">Exposure to watch<\/th><th scope=\"col\">Evidence coverage<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">GS-00<\/span><\/td><td>Cross-system<\/td><td>protection gaps couple every sector<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> with thin backstops<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-01<\/span><\/td><td>Water<\/td><td>flood cover is thin in homeowners policies<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n11\" id=\"nx-nrp-sr-06-c3-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/td><td>uninsured flood loss<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-02<\/span><\/td><td>Energy<\/td><td>energy assets sit inside property cover<\/td><td>large energy loss<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-03<\/span><\/td><td>Food and agrifood<\/td><td>public-private crop programmes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n24\" id=\"nx-nrp-sr-06-c3-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><td>crop and flood loss<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-04<\/span><\/td><td>Health<\/td><td>health and mortality gaps tracked apart<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>unpriced health shocks<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-05<\/span><\/td><td>Finance and economy<\/td><td>USD 1.83 trillion gap across perils<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>cover pulled from a market<\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-06<\/span><\/td><td>Development<\/td><td>USD 9 billion insured of about USD 73 billion in Asia-Pacific<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>low take-up<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-07<\/span><\/td><td>Climate<\/td><td>secondary perils are 92% of insured losses<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm trend<\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-08<\/span><\/td><td>Disaster<\/td><td>public and parametric schemes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n48\" id=\"nx-nrp-sr-06-c3-r48\" aria-label=\"Note 48\">48<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n18\" id=\"nx-nrp-sr-06-c3-r18\" aria-label=\"Note 18\">18<\/a><\/sup><\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 concurrent-hazards\" data-tk=\"Nexus risk vocabulary\" data-td=\"Two or more hazards affecting the same area or population at overlapping times, straining response capacity simultaneously.\" data-ts=\"NRS-C1\" data-tr=\"draft\">concurrent hazards<\/a><\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-09<\/span><\/td><td>Infrastructure<\/td><td>infrastructure losses sit in sibling editions<\/td><td>asset concentration<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-10<\/span><\/td><td>Cities<\/td><td>dense exposure in single hazard zones<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>urban <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h24\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> or flood<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-11<\/span><\/td><td>Biodiversity<\/td><td>natural buffers for hazard loss<\/td><td>loss of buffers<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-12<\/span><\/td><td>Earth observation<\/td><td>hazard data feed catastrophe models<\/td><td>model and data change<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-13<\/span><\/td><td>Cyber and digital<\/td><td>cyber premiums close to USD 15 billion<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n19\" id=\"nx-nrp-sr-06-c3-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td>accumulation of cyber loss<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-14<\/span><\/td><td>Policy<\/td><td>Solvency II amendments and disclosure rules<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n21\" id=\"nx-nrp-sr-06-c3-r21\" aria-label=\"Note 21\">21<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n22\" id=\"nx-nrp-sr-06-c3-r22\" aria-label=\"Note 22\">22<\/a><\/sup><\/td><td>implementation gaps<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-15<\/span><\/td><td>Science<\/td><td>insurance economics is mature<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n38\" id=\"nx-nrp-sr-06-c3-r38\" aria-label=\"Note 38\">38<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n39\" id=\"nx-nrp-sr-06-c3-r39\" aria-label=\"Note 39\">39<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n40\" id=\"nx-nrp-sr-06-c3-r40\" aria-label=\"Note 40\">40<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c3-n41\" id=\"nx-nrp-sr-06-c3-r41\" aria-label=\"Note 41\">41<\/a><\/sup><\/td><td>data at market scale<\/td><td>PARTIAL<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c3-notes\" aria-labelledby=\"nx-nrp-sr-06-c3-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c3-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c3-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), report of the Swiss Re Institute sigma resilience index published in July 2024 (global protection gap USD 1.83 trillion in 2023; natural catastrophe gap USD 385 billion premium equivalent; natural catastrophe resilience 25.7%; United States 39%; national values from about 5% to above 80%). The sigma report was not opened. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), FloodSmart (most homeowners insurance does not cover flood damage; almost one third of NFIP claims come from outside high-risk flood areas, stated as 29%). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n24\"><span class=\"nrp-notes-n\">24<\/span><span>USDA Risk Management Agency (ed.), About RMA (created 1996; supports the private insurers that sell federal crop insurance). US Department of Agriculture, Washington. Observation year 1996. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n48\"><span class=\"nrp-notes-n\">48<\/span><span>CCRIF SPC (ed.), CCRIF in a Snapshot, brief revised April 2025 (78 payouts totalling about USD 390 million between June 2007 and April 2025; 30 members as of June 2024). The PDF was opened and its text read. CCRIF SPC, Grand Cayman. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n21\"><span class=\"nrp-notes-n\">21<\/span><span>IFRS Foundation (ed.), IFRS S2 Climate-related Disclosures (issued June 2023; effective for periods from 1 January 2024; amendments to greenhouse gas emissions disclosures issued December 2025). ISSB, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r21\" aria-label=\"Back to the first call of note 21\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n22\"><span class=\"nrp-notes-n\">22<\/span><span>EIOPA (ed.), Solvency II (Directive (EU) 2025\/2 amends the framework; new rules apply from 30 January 2027). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Arrow, K.J., Uncertainty and the welfare economics of medical care, American Economic Review 53(5), 941 to 973, 1963, cited from memory. Observation year 1963. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Akerlof, G.A., The market for lemons: quality uncertainty and the market mechanism, Quarterly Journal of Economics 84(3), 488 to 500, 1970, cited from memory. Observation year 1970. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: Rothschild, M. and Stiglitz, J., Equilibrium in competitive insurance markets: an essay on the economics of imperfect information, Quarterly Journal of Economics 90(4), 629 to 649, 1976, cited from memory. Observation year 1976. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r40\" aria-label=\"Back to the first call of note 40\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c3-n41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: Kunreuther, H. and Pauly, M., Neglecting disaster: why don\u2019t people insure against large losses?, Journal of Risk and Uncertainty 28(1), 5 to 21, 2004, cited from memory. Observation year 2004. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c3-r41\" aria-label=\"Back to the first call of note 41\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-risk-and-capability\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c4-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 4<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Risks and capability<\/h2><p class=\"nrp-lede\">Four global risk objects open the portfolio. Order carries no rank. Each is read across driver, exposure, vulnerability, capacity, cascade and consequence; loss metrics are added only where they can be modelled.<\/p><p class=\"nrp-chap-meta\"><span>7 min read<\/span><span>0 figures<\/span><span>1 table<\/span><span>27 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c4-s1\" aria-labelledby=\"nx-nrp-sr-06-c4-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c4-s1-h\"><span class=\"nrp-num\">4.1<\/span><span>Risk objects<\/span><\/h2><p class=\"nrp-stand\">Each risk is read across the chain from hazard to consequence, with its status and evidence-quality level.<\/p><ol class=\"nrp-find\"><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-SR06-FIN-001<\/span><\/p><h3 class=\"nrp-h4\">Large insured loss meeting soft reinsurance pricing<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>rising insured losses against falling reinsurance rates<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n1\" id=\"nx-nrp-sr-06-c4-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n2\" id=\"nx-nrp-sr-06-c4-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>insurers, reinsurers, lenders, households<\/dd><dt>Vulnerability<\/dt><dd>rates set before the next large event; thin retained capital in places<\/dd><dt>Capacity<\/dt><dd>record reinsurance capital reported<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n2\" aria-label=\"Note 2\">2<\/a><\/sup>; public backstops<\/dd><dt>Cascade<\/dt><dd>CLI \u2192 FIN \u2192 DEV<\/dd><dt>Horizon<\/dt><dd>1 to 3 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><span class=\"nrp-find-id\">RSK-SR06-FIN-002<\/span><\/p><h3 class=\"nrp-h4\">Withdrawal of cover and growth of residual markets<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>higher nonrenewal rates in high-risk areas<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n12\" id=\"nx-nrp-sr-06-c4-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>homeowners in <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a>, storm and flood zones<\/dd><dt>Vulnerability<\/dt><dd>single-state schemes with growing exposure<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n8\" id=\"nx-nrp-sr-06-c4-r8\" aria-label=\"Note 8\">8<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n9\" id=\"nx-nrp-sr-06-c4-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/dd><dt>Capacity<\/dt><dd>assessment of insurers; transfers to private insurers<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n9\" aria-label=\"Note 9\">9<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>FIN \u2192 FIN \u2192 INF<\/dd><dt>Horizon<\/dt><dd>1 to 5 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><span class=\"nrp-find-id\">RSK-SR06-INF-003<\/span><\/p><h3 class=\"nrp-h4\">Lapse of a short-dated public flood scheme<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>authorisation to 11 December 2026 and lapse in 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n10\" id=\"nx-nrp-sr-06-c4-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>4.5 million policies and almost USD 1.3 trillion of coverage<\/dd><dt>Vulnerability<\/dt><dd>repeated short extensions; flood excluded from most home cover<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n11\" id=\"nx-nrp-sr-06-c4-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/dd><dt>Capacity<\/dt><dd>policies in force stay active to term; borrowing limit falls to USD 1 billion<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>WAT \u2192 INF \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>annual<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-SR06-DAT-004<\/span><\/p><h3 class=\"nrp-h4\">Cyber accumulation in a young market<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>premiums close to USD 15 billion, forecast about USD 28 billion by 2030<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n19\" id=\"nx-nrp-sr-06-c4-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>firms of all sizes in 20 surveyed countries<\/dd><dt>Vulnerability<\/dt><dd>shared technology dependencies; thin loss data<\/dd><dt>Capacity<\/dt><dd>reinsurance and risk engineering<\/dd><dt>Cascade<\/dt><dd>DAT \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>1 to 5 years<\/dd><\/dl><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c4-s2\" aria-labelledby=\"nx-nrp-sr-06-c4-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c4-s2-h\"><span class=\"nrp-num\">4.2<\/span><span>Capability ladder<\/span><\/h2><p class=\"nrp-stand\">Existence is not readiness. Each of the fifteen capability functions is placed on the ladder by the strongest public evidence at the global level, from a policy listing to performance in real events.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c4-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 4.1<\/span><span class=\"nrp-tbl-t\">Capabilities on the ladder of evidence: listed, exists, demonstrated, tested<\/span><\/caption><thead><tr><th scope=\"col\">Function<\/th><th scope=\"col\">Rung<\/th><th scope=\"col\">Level<\/th><th scope=\"col\">Strongest public evidence at baseline<\/th><\/tr><\/thead><tbody><tr><td>Prevention and mitigation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>mitigation discounts and prevention rules in some schemes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n18\" id=\"nx-nrp-sr-06-c4-r18\" aria-label=\"Note 18\">18<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n16\" id=\"nx-nrp-sr-06-c4-r16\" aria-label=\"Note 16\">16<\/a><\/sup><\/td><\/tr><tr><td>Monitoring and observation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>ADEQUATE<\/td><td>annual loss reports by several publishers<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n3\" id=\"nx-nrp-sr-06-c4-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n4\" id=\"nx-nrp-sr-06-c4-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 early-warning\" data-tk=\"Nexus risk vocabulary\" data-td=\"Timely, actionable information about an impending hazard that lets people and institutions act to reduce harm before it occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Early warning<\/a><\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>no common early warning of insurance withdrawal<\/td><\/tr><tr><td>Preparedness and planning<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>supervisory standards and risk management guidance<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n29\" id=\"nx-nrp-sr-06-c4-r29\" aria-label=\"Note 29\">29<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n30\" id=\"nx-nrp-sr-06-c4-r30\" aria-label=\"Note 30\">30<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n31\" id=\"nx-nrp-sr-06-c4-r31\" aria-label=\"Note 31\">31<\/a><\/sup><\/td><\/tr><tr><td>Redundancy and reserves<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>record reinsurance capital reported at January 2026 renewals<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><\/tr><tr><td>Response<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><\/span><\/td><td>DEMONSTRATED<\/td><td>claims paid after the 2025 losses and parametric payouts<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n48\" id=\"nx-nrp-sr-06-c4-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/td><\/tr><tr><td>Continuity of critical services<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>continuity of cover after a scheme lapse not consolidated<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><\/tr><tr><td>Recovery<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><\/span><\/td><td>DEMONSTRATED<\/td><td>scheme payouts after events; recovery times not consolidated<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n48\" aria-label=\"Note 48\">48<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n18\" aria-label=\"Note 18\">18<\/a><\/sup><\/td><\/tr><tr><td>Adaptation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>homeowner-level adaptation reported to cut <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 social-protection\" data-tk=\"Nexus risk vocabulary\" data-td=\"Public policies and programmes that help people manage risk and reduce poverty and vulnerability across their lives.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Social protection<\/a><\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>income support after uninsured loss not consolidated<\/td><\/tr><tr><td>Finance and insurance<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>public, parametric and reinsurance schemes in many markets<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n48\" aria-label=\"Note 48\">48<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n18\" aria-label=\"Note 18\">18<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n25\" id=\"nx-nrp-sr-06-c4-r25\" aria-label=\"Note 25\">25<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n32\" id=\"nx-nrp-sr-06-c4-r32\" aria-label=\"Note 32\">32<\/a><\/sup><\/td><\/tr><tr><td>Institutional coordination<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>EU proposal and national frameworks; cross-border practice uneven<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n14\" id=\"nx-nrp-sr-06-c4-r14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n15\" id=\"nx-nrp-sr-06-c4-r15\" aria-label=\"Note 15\">15<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n35\" id=\"nx-nrp-sr-06-c4-r35\" aria-label=\"Note 35\">35<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n37\" id=\"nx-nrp-sr-06-c4-r37\" aria-label=\"Note 37\">37<\/a><\/sup><\/td><\/tr><tr><td>Technical infrastructure<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>catastrophe models and scheme data <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>; coverage uneven<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n13\" id=\"nx-nrp-sr-06-c4-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><\/tr><tr><td>Workforce<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>underwriting and claims capacity not consolidated<\/td><\/tr><tr><td>Research capacity<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>ADEQUATE<\/td><td>insurance economics mature<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n38\" id=\"nx-nrp-sr-06-c4-r38\" aria-label=\"Note 38\">38<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n39\" id=\"nx-nrp-sr-06-c4-r39\" aria-label=\"Note 39\">39<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n40\" id=\"nx-nrp-sr-06-c4-r40\" aria-label=\"Note 40\">40<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c4-n43\" id=\"nx-nrp-sr-06-c4-r43\" aria-label=\"Note 43\">43<\/a><\/sup><\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"4\">A capability listed in policy is not a tested one; each rung is the strongest public evidence at baseline.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c4-notes\" aria-labelledby=\"nx-nrp-sr-06-c4-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c4-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c4-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), FloodSmart (most homeowners insurance does not cover flood damage; almost one third of NFIP claims come from outside high-risk flood areas, stated as 29%). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Flood Re (ed.), About us (reinsurance scheme for affordable flood cover in home insurance; planned to run until 2039). Flood Re, London. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: IAIS (ed.), Insurance Core Principles, Standards, Guidance and Assessment Methodology, adopted November 2019, cited from memory. International Association of Insurance Supervisors, Basel. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r29\" aria-label=\"Back to the first call of note 29\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: IAIS (ed.), Application Paper on the Supervision of Climate-related Risks in the Insurance Sector, May 2021, cited from memory. International Association of Insurance Supervisors, Basel. Observation year 2021. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: ISO 31000:2018, Risk management: guidelines. International Organization for Standardization, Geneva. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r31\" aria-label=\"Back to the first call of note 31\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n48\"><span class=\"nrp-notes-n\">48<\/span><span>CCRIF SPC (ed.), CCRIF in a Snapshot, brief revised April 2025 (78 payouts totalling about USD 390 million between June 2007 and April 2025; 30 members as of June 2024). The PDF was opened and its text read. CCRIF SPC, Grand Cayman. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n25\"><span class=\"nrp-notes-n\">25<\/span><span>Global Shield against Climate Risks (ed.), About (a financing structure for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 pre-arranged-finance\" data-tk=\"Nexus risk vocabulary\" data-td=\"Funds whose size, triggers and release are agreed before a shock, so money arrives quickly and predictably.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/pre-arranged-finance\/\" data-tgl=\"Global Risks Alliance glossary\">pre-arranged finance<\/a> against disasters; Solutions Platform, Financing Facility and V20 multi-donor fund). Global Shield Secretariat. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r25\" aria-label=\"Back to the first call of note 25\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n32\"><span class=\"nrp-notes-n\">32<\/span><span>UNVERIFIED, not opened: Pool Re (ed.), terrorism reinsurance pool of the United Kingdom, cited from memory; no figure used; the Pool Re page returned an access error. Pool Reinsurance Company, London. Observation year 1993. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r32\" aria-label=\"Back to the first call of note 32\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n14\"><span class=\"nrp-notes-n\">14<\/span><span>EIOPA and ECB (eds.), Towards a European system for natural catastrophe risk management (publication page; 18 December 2024; proposes an EU public-private reinsurance scheme and an EU fund for public disaster financing). EIOPA, Frankfurt. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n15\"><span class=\"nrp-notes-n\">15<\/span><span>European Central Bank and Banque de France (eds.), press release on the ECB and EIOPA proposal for a European approach to natural catastrophes (18 December 2024; page updated 24 September 2026). Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: Insurance Development Forum (ed.), public-private partnership of the insurance industry, the United Nations and multilateral bodies, cited from memory; the page returned no content and no figure is used. Observation year 2016. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r35\" aria-label=\"Back to the first call of note 35\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: World Bank (ed.), Disaster Risk Finance and Insurance, topic page, cited from memory; the page returned navigation only and no figure is used. World Bank, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r37\" aria-label=\"Back to the first call of note 37\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n13\"><span class=\"nrp-notes-n\">13<\/span><span>EIOPA (ed.), Dashboard on insurance protection gap for natural catastrophes (30 European countries; insurance coverage and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a> data from 1980 to 2024; page updated December 2025). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Arrow, K.J., Uncertainty and the welfare economics of medical care, American Economic Review 53(5), 941 to 973, 1963, cited from memory. Observation year 1963. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Akerlof, G.A., The market for lemons: quality uncertainty and the market mechanism, Quarterly Journal of Economics 84(3), 488 to 500, 1970, cited from memory. Observation year 1970. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: Rothschild, M. and Stiglitz, J., Equilibrium in competitive insurance markets: an essay on the economics of imperfect information, Quarterly Journal of Economics 90(4), 629 to 649, 1976, cited from memory. Observation year 1976. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r40\" aria-label=\"Back to the first call of note 40\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c4-n43\"><span class=\"nrp-notes-n\">43<\/span><span>UNVERIFIED, not opened: Froot, K.A., The market for catastrophe risk: a clinical examination, Journal of Financial Economics 60, 529 to 571, 2001, cited from memory. Observation year 2001. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c4-r43\" aria-label=\"Back to the first call of note 43\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-scenario\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c5-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 5<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Large insured loss that meets soft pricing and thin backstops<\/h2><p class=\"nrp-lede\">A conditional statement under stated assumptions, never a prediction.<\/p><p class=\"nrp-chap-meta\"><span>2 min read<\/span><span>0 figures<\/span><span>0 tables<\/span><span>2 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c5-s1\" aria-labelledby=\"nx-nrp-sr-06-c5-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c5-s1-h\"><span class=\"nrp-num\">5.1<\/span><span>Assumptions<\/span><\/h2><p class=\"nrp-stand\">Scenario SCN-SR06-LOSS-01: what is assumed, and what is held constant.<\/p><dl class=\"nrp-dl\"><dt>Baseline<\/dt><dd>the 2026 reference state in this edition<\/dd><dt>Drivers<\/dt><dd>a large US <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a>, storm or <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">hurricane<\/a> loss after a year of falling reinsurance rates<\/dd><dt>Analogues<\/dt><dd>Los Angeles wildfires, 2025; reinsurance renewals, January 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c5-n1\" id=\"nx-nrp-sr-06-c5-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c5-n2\" id=\"nx-nrp-sr-06-c5-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/dd><dt>Interventions<\/dt><dd>none modelled: the specification describes the unmitigated case<\/dd><dt>Run state<\/dt><dd>narrative specification; quantified run scheduled for 2027<\/dd><\/dl><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c5-s2\" aria-labelledby=\"nx-nrp-sr-06-c5-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c5-s2-h\"><span class=\"nrp-num\">5.2<\/span><span>The cascade, step by step<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">1<\/span><p class=\"nrp-rows-t\">CLI \u2192 FIN<\/p><p class=\"nrp-rows-x\">a large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> lands on insurers and reinsurers<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">2<\/span><p class=\"nrp-rows-t\">FIN \u2192 FIN<\/p><p class=\"nrp-rows-x\">insurers raise prices and cut cover in high-risk areas<\/p><p class=\"nrp-rows-m\">2018 to 2022<\/p><\/li><li><span class=\"nrp-rows-i\">3<\/span><p class=\"nrp-rows-t\">FIN \u2192 FIN<\/p><p class=\"nrp-rows-x\">residual markets take more policies and more exposure<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><li><span class=\"nrp-rows-i\">4<\/span><p class=\"nrp-rows-t\">INF \u2192 FIN<\/p><p class=\"nrp-rows-x\">a short-dated public flood scheme approaches a deadline<\/p><p class=\"nrp-rows-m\">2025 \u00b7 2026<\/p><\/li><li><span class=\"nrp-rows-i\">5<\/span><p class=\"nrp-rows-t\">FIN \u2192 DEV<\/p><p class=\"nrp-rows-x\">public budgets absorb uninsured loss<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">6<\/span><p class=\"nrp-rows-t\">FIN \u2194 TRD<\/p><p class=\"nrp-rows-x\">reinsurance prices reset at the next renewal<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c5-s3\" aria-labelledby=\"nx-nrp-sr-06-c5-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c5-s3-h\"><span class=\"nrp-num\">5.3<\/span><span>The scenario as a table of steps<\/span><\/h2><p class=\"nx-p\">How the shock in scenario SCN-SR06-LOSS-01 would travel through Insurance, Protection Gaps and Insurability&#8217;s coupled <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, step by step, under the assumptions the edition states.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Step\">01 Climate to finance<\/td><td data-label=\"What happens\">A large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> lands on insurers and reinsurers. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition SR-06, scenario SCN-SR06-LOSS-01, step 1<\/td><\/tr><tr><td data-label=\"Step\">02 Finance to finance<\/td><td data-label=\"What happens\">Insurers raise prices and cut cover in high-risk areas. Analogue or source: 2018 to 2022.<\/td><td data-label=\"Source\">Edition SR-06, scenario SCN-SR06-LOSS-01, step 2<\/td><\/tr><tr><td data-label=\"Step\">03 Finance to finance<\/td><td data-label=\"What happens\">Residual markets take more policies and more exposure. Analogue or source: 2026.<\/td><td data-label=\"Source\">Edition SR-06, scenario SCN-SR06-LOSS-01, step 3<\/td><\/tr><tr><td data-label=\"Step\">04 Infrastructure to finance<\/td><td data-label=\"What happens\">A short-dated public flood scheme approaches a deadline. Analogue or source: 2025 \u00b7 2026.<\/td><td data-label=\"Source\">Edition SR-06, scenario SCN-SR06-LOSS-01, step 4<\/td><\/tr><tr><td data-label=\"Step\">05 Finance to development<\/td><td data-label=\"What happens\">Public budgets absorb uninsured loss. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition SR-06, scenario SCN-SR06-LOSS-01, step 5<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-2\">A teaching model of a conditional scenario under the edition&#8217;s stated assumptions: not a forecast, not a prediction and not a warning. Sources: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/scenario\/\" rel=\"noopener\">Insurance, Protection Gaps and Insurability 2026, scenario SCN-SR06-LOSS-01<\/a> (2026); Insurance, Protection Gaps and Insurability 2026, references (NR-CIT-1) (2026).<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c5-notes\" aria-labelledby=\"nx-nrp-sr-06-c5-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c5-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c5-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c5-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c5-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c5-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-lenses-and-readings\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c6-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 6<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Readings from the other desks<\/h2><p class=\"nrp-lede\">The global baseline is read through each steward\u2019s lens, then once as a whole. Each lens is a projection of reviewed findings, not a separate argument. The other desks&#8217; own editions of this subject are listed first, as cross-references, not copies.<\/p><p class=\"nrp-chap-meta\"><span>17 min read<\/span><span>0 figures<\/span><span>8 tables<\/span><span>41 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s1\" aria-labelledby=\"nx-nrp-sr-06-c6-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s1-h\"><span class=\"nrp-num\">6.1<\/span><span>The other desks&#8217; editions of this subject<\/span><\/h2><p class=\"nrp-stand\">Federation: each desk writes its own edition for the subjects in its remit. Until a desk releases, its edition shows its frame and the reading this edition printed for it.<\/p><div class=\"nrp-tblw\"><table class=\"nrp-tbl\"><thead><tr><th scope=\"col\">Desk<\/th><th scope=\"col\">Edition<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Identifier<\/th><\/tr><\/thead><tbody><tr data-host=\"true\"><th scope=\"row\">GCRI Systems Evidence<\/th><td>No edition of this subject at this desk in the 2026 Baseline cycle<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in this cycle<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">GRF Public Deliberation<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">GRA Capital Readiness<\/th><td>No edition of this subject at this desk in the 2026 Baseline cycle<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in this cycle<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Standards Progress<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Academy Capability<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Index Measurement<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s2\" aria-labelledby=\"nx-nrp-sr-06-c6-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s2-h\"><span class=\"nrp-num\">6.2<\/span><span>Three lenses<\/span><\/h2><p class=\"nrp-stand\">One edition, read by each steward. The lens of this site comes first.<\/p><div class=\"nrp-cards\" data-n=\"3\"><article class=\"nf-ui-card nrp-card\" data-host=\"true\"><p class=\"nf-ui-eyebrow\">GCRI \u00b7 KEY T<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Technical Truth<\/h3><p>The evidence supports reading protection gaps as shared risk. Common causes recur across markets, loss spreads through nonrenewal, residual markets and short-dated public schemes, and thresholds such as scheme deadlines and reinsurance pricing set how far it travels. Evidence is strongest for loss totals and weakest for household affordability.<\/p><p class=\"nrp-note\">FIN-001 \u00b7 FIN-006 \u00b7 INF-009 \u00b7 SYS-012<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GRF \u00b7 KEY M<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Public Meaning<\/h3><p>For most people a protection gap arrives as a refused renewal, a flood claim that is not covered or a repair bill with no payout. The baseline asks that public debate treat insurance as shared and keep take-up and affordability in view.<\/p><p class=\"nrp-note\">FIN-002 \u00b7 FIN-006 \u00b7 INF-009<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GRA \u00b7 KEY F<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Capital Meaning<\/h3><p>Readiness implications only. Loss trends are rising, reinsurance prices fell at January 2026 renewals, and several public schemes run on short terms<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n1\" id=\"nx-nrp-sr-06-c6-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n2\" id=\"nx-nrp-sr-06-c6-r2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n10\" id=\"nx-nrp-sr-06-c6-r10\" aria-label=\"Note 10\">10<\/a><\/sup>. These show where finance-readiness evidence will matter. Nothing here is advice, a rating or an approval.<\/p><p class=\"nrp-note\">FIN-010 \u00b7 DEV-011<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">NEXUS<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Synthesis<\/h3><p>Protection gaps are well described as loss totals and thinly measured as a system. The 2027 programme should bind one-method gap data, test the large-loss pathway and map affordability before the next large event.<\/p><p class=\"nrp-note\">SYS-012 \u00b7 P-01 \u00b7 P-02<\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s3\" aria-labelledby=\"nx-nrp-sr-06-c6-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s3-h\"><span class=\"nrp-num\">6.3<\/span><span>Standards, Academy and steward contributions<\/span><\/h2><p class=\"nrp-stand\">How the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> drafts, the Risk Academy and the three stewards feed each quarterly edition for insurance and protection gaps. The standards are a preparatory working draft (2026) and are cited as drafts, never as adopted standards.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.1<\/span><span class=\"nrp-tbl-t\">The quarterly rhythm every edition follows<\/span><\/caption><thead><tr><th scope=\"col\">Quarter<\/th><th scope=\"col\">Edition<\/th><th scope=\"col\">Question<\/th><th scope=\"col\">Boundary<\/th><\/tr><\/thead><tbody><tr><td>Q1<\/td><td>State and Agenda<\/td><td>What matters this year, and what is the starting position?<\/td><td>observed baseline stays distinct from planned work<\/td><\/tr><tr><td>Q2<\/td><td>Evidence and Build<\/td><td>What new evidence and capability exist?<\/td><td>a configured capability is not a validated result<\/td><\/tr><tr><td>Q3<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 stress-test\" data-tk=\"Nexus risk vocabulary\" data-td=\"An assessment of how a system, portfolio or institution would perform under severe but plausible adverse scenarios, to find weaknesses before they are revealed by events.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Stress Test<\/a> and Readiness<\/td><td>What do scenarios and tests show?<\/td><td>simulated loss or performance is not observed impact<\/td><\/tr><tr><td>Q4<\/td><td>Annual Synthesis and Renewal<\/td><td>What changed in the year, and what renews?<\/td><td>release follows review, not event publicity deadlines<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.2<\/span><span class=\"nrp-tbl-t\">Who contributes what each quarter<\/span><\/caption><thead><tr><th scope=\"col\">Steward or body<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Contribution route<\/th><\/tr><\/thead><tbody><tr><td>GCRI Canada<\/td><td>Lead Institution and Consortium Secretariat; publisher of record; technical truth (key T)<\/td><td>science and practice communities \u00b7 GCRI gateway<\/td><\/tr><tr><td>The Global Risks Forum (GRF)<\/td><td>leadership, dialogue and the <a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/universe\">Universe<\/a> programme; public meaning (key M)<\/td><td>policy, Universe and national adoption \u00b7 GRF gateway<\/td><\/tr><tr><td>The Global Risks Alliance (GRA)<\/td><td>finance, insurance and development readiness; capital meaning (key F)<\/td><td>finance and insurance \u00b7 GRA gateway<\/td><\/tr><tr><td>Nexus Standards<\/td><td>preparatory drafts on vocabulary, hazards, indicators and methods<\/td><td>Standards site \u00b7 working groups HAZ, IND, MTH, FIN, AI<\/td><\/tr><tr><td>Risk Academy<\/td><td>learning pathways tied to the agenda questions<\/td><td>Academy gateway \u00b7 learning by review<\/td><\/tr><tr><td><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a> strategic desks<\/td><td>insurance chapter inputs: GCRI evidence and GRA readiness<\/td><td>strategic editorial board<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Standards drafts used in this edition<\/h3><ul class=\"nrp-list\"><li>Risk vocabulary NRS-C1 (424 terms) for terms in the glossary<\/li><li>Hazard atlas NHS-1 1.1.0 (905 hazards in 120 families) for risk objects<\/li><li>Seven risk classes: global, catastrophic, existential, emerging, planetary, exponential, frontier-tech<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Standards calendar to watch<\/h3><ul class=\"nrp-list\"><li>Founding calls from 20 October 2026; working groups meet from 5 November 2026<\/li><li>Inaugural Global Standards Council session, 12 January 2027<\/li><li>Quarterly reviews in March, June, September and December, aligned with each edition<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Nothing here certifies. A Nexus attestation records an evaluation under a mandate; it confers no certification, endorsement or approval. Adoption of any standard is a decision of the competent standards body.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s4\" aria-labelledby=\"nx-nrp-sr-06-c6-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s4-h\"><span class=\"nrp-num\">6.4<\/span><span>GCRI reading: the model card<\/span><\/h2><p class=\"nrp-p\">GCRI&#8217;s reading of this edition is its model card: what the national model is, what it computes and where it stops. It is printed in full in Annex A, with the methods it belongs to. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/methodology\/\">Annex A, methodology<\/a><\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s5\" aria-labelledby=\"nx-nrp-sr-06-c6-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s5-h\"><span class=\"nrp-num\">6.5<\/span><span>Global Risks Forum reading: editorial essays<\/span><\/h2><p class=\"nrp-stand\">Four signed essays by the Reports editorial team set out the positions this edition takes. They are interpretation, labelled as such; the evidence they draw on is in the findings register.<\/p><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Households, insurers, reinsurers and governments pass loss to one another. When cover thins at one point, the loss lands on the next. This edition reads the chain, not one line of business.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 01<\/h3><p>Insurance is a system<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">A market can be well priced and still leave most loss uninsured. The gap is the uncovered share, and it differs by country from about 5% to above 80% of losses covered.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 02<\/h3><p>Take-up is as important as price<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Flood, cyclone and parametric schemes move loss to the public balance sheet. Their terms differ: some run to a set date, some on short authorisations, some on a government guarantee.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 03<\/h3><p>Public schemes trade time for cover<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Price signals can reward mitigation, and mitigation lowers insured loss. Evidence for this at market scale is thin and sits with sector editions.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 04<\/h3><p>Pricing and prevention work together<\/p><\/article><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Essays are signed views of the editorial team. Contributed articles from regional consortia, national pathways and invited experts begin with the 2027 insurance and protection gaps edition, each with its own review route and disclosures.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s6\" aria-labelledby=\"nx-nrp-sr-06-c6-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s6-h\"><span class=\"nrp-num\">6.6<\/span><span>Global Risks Alliance reading: 2027 insurance and protection gaps readiness pack<\/span><\/h2><p class=\"nrp-stand\">The registers that open the 2027 global cycle. At baseline each is initialised from this edition.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.3<\/span><span class=\"nrp-tbl-t\">2027 insurance and protection gaps readiness pack<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Register<\/th><th scope=\"col\">State at baseline<\/th><th scope=\"col\">First 2027 entry<\/th><\/tr><\/thead><tbody><tr><td>E1<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 global-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"Nexus risk class: a risk whose hazard, consequences or causal chain crosses national borders and acts at continental or planetary scale, so that no single country can assess or manage it alone.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskforum.com\/glossary\/global-risk\/\" data-tgl=\"Global Risks Forum glossary\">Global risk<\/a> state delta<\/td><td>baseline set by this edition<\/td><td>changes against the baseline<\/td><\/tr><tr><td>E2<\/td><td>WEFH+B state delta<\/td><td>five global system readings set<\/td><td>indicator updates and freshness<\/td><\/tr><tr><td>E3<\/td><td>Agenda and Portfolio movement<\/td><td>eight agenda items \u00b7 6 proposed objects<\/td><td>admission decisions<\/td><\/tr><tr><td>E4<\/td><td>Federation delivery register<\/td><td>national chapters in preparation<\/td><td>national chapters<\/td><\/tr><tr><td>E5<\/td><td>Consortium capability register<\/td><td>national consortia forming<\/td><td>first contributions<\/td><\/tr><tr><td>E6<\/td><td>Leadership questions and challenges<\/td><td>none yet<\/td><td>first challenge log<\/td><\/tr><tr><td>E7<\/td><td>Foundry technical state<\/td><td>national environments prepared<\/td><td>first federation cut<\/td><\/tr><tr><td>E8<\/td><td>Publication candidates<\/td><td>twelve findings carried forward<\/td><td>PUBLISH \u00b7 HOLD dispositions<\/td><\/tr><tr><td>E9<\/td><td>Universe readiness<\/td><td>one candidate mission<\/td><td>admission and role spine<\/td><\/tr><tr><td>E10<\/td><td>Correction register<\/td><td>none<\/td><td>first federation-wide cycle<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Publication dispositions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">Publish<\/li><li class=\"nf-ui-chip\">Hold<\/li><li class=\"nf-ui-chip\">Needs evidence<\/li><li class=\"nf-ui-chip\">Restricted<\/li><li class=\"nf-ui-chip\">Superseded<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Programme progress is not real-world risk improvement. These registers record the work of the Nexus programme; they report on no state or organisation.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s7\" aria-labelledby=\"nx-nrp-sr-06-c6-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s7-h\"><span class=\"nrp-num\">6.7<\/span><span>Nexus Standards reading: standards and regulatory watch<\/span><\/h2><p class=\"nrp-stand\">Instruments and published guidance that shape the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> in this edition, by status on the retrieval date. The edition assesses no one\u2019s compliance.<\/p><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">IN FORCE<\/li><li class=\"nf-ui-chip\">ADOPTED<\/li><li class=\"nf-ui-chip\">PUBLISHED \u00b7 GUIDANCE<\/li><li class=\"nf-ui-chip\">PUBLISHED \u00b7 VOLUNTARY<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.4<\/span><span class=\"nrp-tbl-t\">Standards and regulatory watch<\/span><\/caption><thead><tr><th scope=\"col\">Instrument<\/th><th scope=\"col\">Body<\/th><th scope=\"col\">Scope<\/th><th scope=\"col\">Status<\/th><th scope=\"col\">Relevance<\/th><\/tr><\/thead><tbody><tr><td>Solvency II Directive, amended by Directive (EU) 2025\/2<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n22\" id=\"nx-nrp-sr-06-c6-r22\" aria-label=\"Note 22\">22<\/a><\/sup><\/td><td>European Union<\/td><td>EU<\/td><td>IN FORCE<\/td><td>prudential rules<\/td><\/tr><tr><td>IFRS S2 Climate-related Disclosures<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n21\" id=\"nx-nrp-sr-06-c6-r21\" aria-label=\"Note 21\">21<\/a><\/sup><\/td><td>ISSB<\/td><td>global use<\/td><td>ISSUED 2023<\/td><td>climate disclosure<\/td><\/tr><tr><td>Insurance Core Principles<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n29\" id=\"nx-nrp-sr-06-c6-r29\" aria-label=\"Note 29\">29<\/a><\/sup><\/td><td>IAIS<\/td><td>global<\/td><td>ADOPTED 2019<\/td><td>supervision<\/td><\/tr><tr><td>Application Paper on climate-related risks<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n30\" id=\"nx-nrp-sr-06-c6-r30\" aria-label=\"Note 30\">30<\/a><\/sup><\/td><td>IAIS<\/td><td>global<\/td><td>PUBLISHED \u00b7 GUIDANCE<\/td><td>climate supervision<\/td><\/tr><tr><td>Principles for Sustainable Insurance<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n20\" id=\"nx-nrp-sr-06-c6-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/td><td>UNEP FI<\/td><td>global<\/td><td>PUBLISHED \u00b7 VOLUNTARY<\/td><td>insurer practice<\/td><\/tr><tr><td>ISO 31000 risk management<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n31\" id=\"nx-nrp-sr-06-c6-r31\" aria-label=\"Note 31\">31<\/a><\/sup><\/td><td>ISO<\/td><td>global<\/td><td>PUBLISHED \u00b7 VOLUNTARY<\/td><td>risk process<\/td><\/tr><tr><td><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/hazards\/sendai-framework-alignment\/\">Sendai Framework<\/a> 2015 to 2030<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n28\" id=\"nx-nrp-sr-06-c6-r28\" aria-label=\"Note 28\">28<\/a><\/sup><\/td><td>UNDRR<\/td><td>global<\/td><td>ADOPTED 2015<\/td><td>disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk reduction<\/a><\/td><\/tr><tr><td>National Flood Insurance Act of 1968<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n34\" id=\"nx-nrp-sr-06-c6-r34\" aria-label=\"Note 34\">34<\/a><\/sup><\/td><td>United States<\/td><td>US<\/td><td>IN FORCE<\/td><td>flood programme<\/td><\/tr><tr><td>Terrorism Risk Insurance Act of 2002<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n33\" id=\"nx-nrp-sr-06-c6-r33\" aria-label=\"Note 33\">33<\/a><\/sup><\/td><td>United States<\/td><td>US<\/td><td>IN FORCE<\/td><td>terrorism backstop<\/td><\/tr><tr><td>Federal crop insurance programme<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n24\" id=\"nx-nrp-sr-06-c6-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><td>USDA RMA<\/td><td>US<\/td><td>IN FORCE<\/td><td>crop cover<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n18\" id=\"nx-nrp-sr-06-c6-r18\" aria-label=\"Note 18\">18<\/a><\/sup><\/td><td>Australia<\/td><td>AU<\/td><td>IN FORCE<\/td><td>cyclone and related flood<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Changed since 2024<\/h3><ul class=\"nrp-list\"><li>The amended Solvency II rules apply from 30 January 2027<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n22\" aria-label=\"Note 22\">22<\/a><\/sup><\/li><li>The ISSB issued amendments to greenhouse gas emissions disclosures in December 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n21\" aria-label=\"Note 21\">21<\/a><\/sup><\/li><li>The US flood programme was extended to 11 December 2026 after lapses in 2025 and 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">To watch in 2027<\/h3><ul class=\"nrp-list\"><li>Reauthorisation of the US flood programme<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/li><li>Application of the amended Solvency II rules<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n22\" aria-label=\"Note 22\">22<\/a><\/sup><\/li><li>EU decisions on a reinsurance scheme and a public disaster fund<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n14\" id=\"nx-nrp-sr-06-c6-r14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n15\" id=\"nx-nrp-sr-06-c6-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Status is read from the issuing body on the retrieval date. Instruments open for signature or awaiting ratification are labelled as such; a change in status opens a review task for every finding that relies on the instrument.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-s8\" aria-labelledby=\"nx-nrp-sr-06-c6-s8-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-s8-h\"><span class=\"nrp-num\">6.8<\/span><span>Risk Academy reading: literature and evidence review, science and assessments<\/span><\/h2><p class=\"nrp-stand\">The review behind this edition covers insurance and protection gaps assessments, peer-reviewed science and the institutional reports that bind its findings. Systematic reviews for each agenda item begin in 2027.<\/p><h3 class=\"nrp-h3\">Review protocol<\/h3><dl class=\"nrp-dl\"><dt>Question<\/dt><dd>What does the published evidence establish about the world\u2019s insurance markets, protection gaps and insurability limits and its couplings?<\/dd><dt>Sources searched<\/dt><dd>insurer and broker loss reports; supervisory papers; scheme statistics; peer-reviewed insurance economics<\/dd><dt>Window<\/dt><dd>releases available at evidence close, 30 September 2026<\/dd><dt>Selection<\/dt><dd>sources that bind or contextualise a finding in this edition<\/dd><dt>Next step<\/dt><dd>systematic reviews for agenda items 01 to 05 in 2027<\/dd><\/dl><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.5<\/span><span class=\"nrp-tbl-t\">Peer-reviewed science and economics<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Type<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Arrow<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n38\" id=\"nx-nrp-sr-06-c6-r38\" aria-label=\"Note 38\">38<\/a><\/sup><\/td><td>journal article<\/td><td>1963<\/td><td>framework<\/td><td>uncertainty and insurance<\/td><\/tr><tr><td>Akerlof<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n39\" id=\"nx-nrp-sr-06-c6-r39\" aria-label=\"Note 39\">39<\/a><\/sup><\/td><td>journal article<\/td><td>1970<\/td><td>framework<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 adverse-selection\" data-tk=\"Nexus risk vocabulary\" data-td=\"The tendency of those facing higher risk to seek more cover, which can undermine pools when risk cannot be observed.\" data-ts=\"NRS-C1\" data-tr=\"draft\">adverse selection<\/a><\/td><\/tr><tr><td>Rothschild and Stiglitz<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n40\" id=\"nx-nrp-sr-06-c6-r40\" aria-label=\"Note 40\">40<\/a><\/sup><\/td><td>journal article<\/td><td>1976<\/td><td>framework<\/td><td>competitive insurance markets<\/td><\/tr><tr><td>Kunreuther and Pauly<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n41\" id=\"nx-nrp-sr-06-c6-r41\" aria-label=\"Note 41\">41<\/a><\/sup><\/td><td>journal article<\/td><td>2004<\/td><td>supports<\/td><td>low take-up of cover<\/td><\/tr><tr><td>Kousky and Cooke<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n42\" id=\"nx-nrp-sr-06-c6-r42\" aria-label=\"Note 42\">42<\/a><\/sup><\/td><td>journal article<\/td><td>2012<\/td><td>supports<\/td><td>failure to insure <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 catastrophic-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"Nexus risk class: a risk that could, in a plausible scenario, cause global catastrophe, a very large loss of life or a civilisational setback that takes generations to recover from.\" data-ts=\"NRS-C1\" data-tr=\"draft\">catastrophic risk<\/a><\/td><\/tr><tr><td>Froot<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n43\" id=\"nx-nrp-sr-06-c6-r43\" aria-label=\"Note 43\">43<\/a><\/sup><\/td><td>journal article<\/td><td>2001<\/td><td>supports<\/td><td>catastrophe risk markets<\/td><\/tr><tr><td>Michel-Kerjan<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n44\" id=\"nx-nrp-sr-06-c6-r44\" aria-label=\"Note 44\">44<\/a><\/sup><\/td><td>journal article<\/td><td>2010<\/td><td>context<\/td><td>flood programme economics<\/td><\/tr><tr><td>Cummins and Trainar<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n45\" id=\"nx-nrp-sr-06-c6-r45\" aria-label=\"Note 45\">45<\/a><\/sup><\/td><td>journal article<\/td><td>2009<\/td><td>framework<\/td><td>reinsurance and securitisation<\/td><\/tr><tr><td>Ben-Shahar and Logue<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n46\" id=\"nx-nrp-sr-06-c6-r46\" aria-label=\"Note 46\">46<\/a><\/sup><\/td><td>journal article<\/td><td>2012<\/td><td>framework<\/td><td>insurance and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 moral-hazard\" data-tk=\"Nexus risk vocabulary\" data-td=\"The tendency of a party protected from consequences to take more risk than it otherwise would.\" data-ts=\"NRS-C1\" data-tr=\"draft\">moral hazard<\/a><\/td><\/tr><tr><td>Zscheischler et al.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n47\" id=\"nx-nrp-sr-06-c6-r47\" aria-label=\"Note 47\">47<\/a><\/sup><\/td><td>journal article<\/td><td>2018<\/td><td>framework<\/td><td>compound events<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.6<\/span><span class=\"nrp-tbl-t\">Institutional flagships<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Natural catastrophes in 2025, as reported<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td>Swiss Re Institute<\/td><td>2026<\/td><td>supports<\/td><td>losses and trends<\/td><\/tr><tr><td>World insurance in 2026, as reported<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n6\" id=\"nx-nrp-sr-06-c6-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td>Swiss Re Institute<\/td><td>2026<\/td><td>context<\/td><td>premium growth<\/td><\/tr><tr><td>Resilience index, as reported<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n5\" id=\"nx-nrp-sr-06-c6-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>Swiss Re Institute<\/td><td>2024<\/td><td>supports<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a><\/td><\/tr><tr><td>Outlook, as reported<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n7\" id=\"nx-nrp-sr-06-c6-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td>Swiss Re Institute<\/td><td>2025<\/td><td>context<\/td><td>exposure and premiums<\/td><\/tr><tr><td>Towards a European system<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><td>EIOPA and ECB<\/td><td>2024<\/td><td>supports<\/td><td>EU proposals<\/td><\/tr><tr><td>Dashboard on the protection gap<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n13\" id=\"nx-nrp-sr-06-c6-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><td>EIOPA<\/td><td>2025<\/td><td>context<\/td><td>European data<\/td><\/tr><tr><td>GAR 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n26\" id=\"nx-nrp-sr-06-c6-r26\" aria-label=\"Note 26\">26<\/a><\/sup><\/td><td>UNDRR<\/td><td>2025<\/td><td>context<\/td><td>disaster risk<\/td><\/tr><tr><td>AR6 Working Group II<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n27\" id=\"nx-nrp-sr-06-c6-r27\" aria-label=\"Note 27\">27<\/a><\/sup><\/td><td>IPCC<\/td><td>2022<\/td><td>context<\/td><td>impacts and adaptation<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.7<\/span><span class=\"nrp-tbl-t\">Loss statistics and market reports<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Natural disaster losses 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>Munich Re<\/td><td>2026<\/td><td>supports<\/td><td>losses and renewals<\/td><\/tr><tr><td>Climate and Catastrophe Insight 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n3\" id=\"nx-nrp-sr-06-c6-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>Aon<\/td><td>2026<\/td><td>supports<\/td><td>losses and gap<\/td><\/tr><tr><td>Natural Catastrophe and Climate Report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n4\" id=\"nx-nrp-sr-06-c6-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>Gallagher Re<\/td><td>2026<\/td><td>supports<\/td><td>losses and gap<\/td><\/tr><tr><td>Global Cyber Risk and Insurance Survey<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n19\" id=\"nx-nrp-sr-06-c6-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td>Munich Re<\/td><td>2026<\/td><td>supports<\/td><td>cyber premiums<\/td><\/tr><tr><td>Homeowners insurance report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n12\" id=\"nx-nrp-sr-06-c6-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><td>US Treasury FIO<\/td><td>2025<\/td><td>supports<\/td><td>availability and price<\/td><\/tr><tr><td>NFIP Insight<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td>Congressional Research Service<\/td><td>2026<\/td><td>supports<\/td><td>flood programme<\/td><\/tr><tr><td>FAIR Plan statistics<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n8\" id=\"nx-nrp-sr-06-c6-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>California FAIR Plan<\/td><td>2026<\/td><td>supports<\/td><td>residual market<\/td><\/tr><tr><td>Citizens policy counts<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n9\" id=\"nx-nrp-sr-06-c6-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><td>News Service of Florida<\/td><td>2025<\/td><td>context<\/td><td>residual market<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c6-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.8<\/span><span class=\"nrp-tbl-t\">Standards, directives and schemes<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Solvency II amendments<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n22\" aria-label=\"Note 22\">22<\/a><\/sup><\/td><td>EIOPA<\/td><td>2026<\/td><td>context<\/td><td>prudential rules<\/td><\/tr><tr><td>IFRS S2<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n21\" aria-label=\"Note 21\">21<\/a><\/sup><\/td><td>ISSB<\/td><td>2023<\/td><td>context<\/td><td>climate disclosure<\/td><\/tr><tr><td>Principles for Sustainable Insurance<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n20\" aria-label=\"Note 20\">20<\/a><\/sup><\/td><td>UNEP FI<\/td><td>2012<\/td><td>context<\/td><td>insurer principles<\/td><\/tr><tr><td>Insurance Core Principles<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n29\" aria-label=\"Note 29\">29<\/a><\/sup><\/td><td>IAIS<\/td><td>2019<\/td><td>context<\/td><td>supervision<\/td><\/tr><tr><td>Climate application paper<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n30\" aria-label=\"Note 30\">30<\/a><\/sup><\/td><td>IAIS<\/td><td>2021<\/td><td>context<\/td><td>climate supervision<\/td><\/tr><tr><td>Cyclone pool<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n18\" aria-label=\"Note 18\">18<\/a><\/sup><\/td><td>ARPC<\/td><td>2022<\/td><td>supports<\/td><td>public backstop<\/td><\/tr><tr><td>CCRIF snapshot<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n48\" id=\"nx-nrp-sr-06-c6-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/td><td>CCRIF<\/td><td>2025<\/td><td>supports<\/td><td>parametric cover<\/td><\/tr><tr><td>CCRIF About us<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n17\" id=\"nx-nrp-sr-06-c6-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>CCRIF<\/td><td>2026<\/td><td>post-close, context only<\/td><td>later payout totals<\/td><\/tr><tr><td>Flood Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n16\" id=\"nx-nrp-sr-06-c6-r16\" aria-label=\"Note 16\">16<\/a><\/sup><\/td><td>Flood Re<\/td><td>2026<\/td><td>context<\/td><td>affordable flood cover<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Where the evidence agrees<\/h3><ul class=\"nrp-list\"><li>Insured losses are rising in real terms and secondary perils dominate<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/li><li>Take-up of cover is low in many markets<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/li><li>Public schemes carry part of the loss in several countries<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n10\" aria-label=\"Note 10\">10<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n48\" aria-label=\"Note 48\">48<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n18\" aria-label=\"Note 18\">18<\/a><\/sup><\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Where it is unsettled<\/h3><ul class=\"nrp-list\"><li>What the global protection gap was in 2025 on one method<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/li><li>How far withdrawal of cover will spread beyond high-risk US areas<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/li><li>How much of cyber loss is insured<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c6-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NEWS AND PREPRINTS<\/p><p>No news report or preprint binds a finding in this edition. News is used only to date events; preprints used from 2027 will be flagged as not peer-reviewed.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c6-notes\" aria-labelledby=\"nx-nrp-sr-06-c6-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c6-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c6-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n22\"><span class=\"nrp-notes-n\">22<\/span><span>EIOPA (ed.), Solvency II (Directive (EU) 2025\/2 amends the framework; new rules apply from 30 January 2027). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n21\"><span class=\"nrp-notes-n\">21<\/span><span>IFRS Foundation (ed.), IFRS S2 Climate-related Disclosures (issued June 2023; effective for periods from 1 January 2024; amendments to greenhouse gas emissions disclosures issued December 2025). ISSB, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r21\" aria-label=\"Back to the first call of note 21\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: IAIS (ed.), Insurance Core Principles, Standards, Guidance and Assessment Methodology, adopted November 2019, cited from memory. International Association of Insurance Supervisors, Basel. Observation year 2019. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r29\" aria-label=\"Back to the first call of note 29\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: IAIS (ed.), Application Paper on the Supervision of Climate-related Risks in the Insurance Sector, May 2021, cited from memory. International Association of Insurance Supervisors, Basel. Observation year 2021. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n20\"><span class=\"nrp-notes-n\">20<\/span><span>UNEP Finance Initiative (ed.), Principles for Sustainable Insurance (launched 2012; close to 300 members). United Nations Environment Programme, Geneva. Observation year 2012. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: ISO 31000:2018, Risk management: guidelines. International Organization for Standardization, Geneva. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r31\" aria-label=\"Back to the first call of note 31\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/hazards\/sendai-framework-alignment\/\">Sendai Framework<\/a> for Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a> 2015 to 2030, cited from memory; the monitoring host was not reachable. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2015. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r28\" aria-label=\"Back to the first call of note 28\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n34\"><span class=\"nrp-notes-n\">34<\/span><span>UNVERIFIED, not opened: National Flood Insurance Act of 1968, Title XIII of the Housing and Urban Development Act of 1968, cited from memory; no figure used. United States Congress, Washington. Observation year 1968. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r34\" aria-label=\"Back to the first call of note 34\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n33\"><span class=\"nrp-notes-n\">33<\/span><span>UNVERIFIED, not opened: Terrorism Risk Insurance Act of 2002, Public Law 107-297, cited from memory; no figure used. United States Congress, Washington. Observation year 2002. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r33\" aria-label=\"Back to the first call of note 33\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n24\"><span class=\"nrp-notes-n\">24<\/span><span>USDA Risk Management Agency (ed.), About RMA (created 1996; supports the private insurers that sell federal crop insurance). US Department of Agriculture, Washington. Observation year 1996. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n14\"><span class=\"nrp-notes-n\">14<\/span><span>EIOPA and ECB (eds.), Towards a European system for natural catastrophe risk management (publication page; 18 December 2024; proposes an EU public-private reinsurance scheme and an EU fund for public disaster financing). EIOPA, Frankfurt. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n15\"><span class=\"nrp-notes-n\">15<\/span><span>European Central Bank and Banque de France (eds.), press release on the ECB and EIOPA proposal for a European approach to natural catastrophes (18 December 2024; page updated 24 September 2026). Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Arrow, K.J., Uncertainty and the welfare economics of medical care, American Economic Review 53(5), 941 to 973, 1963, cited from memory. Observation year 1963. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Akerlof, G.A., The market for lemons: quality uncertainty and the market mechanism, Quarterly Journal of Economics 84(3), 488 to 500, 1970, cited from memory. Observation year 1970. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: Rothschild, M. and Stiglitz, J., Equilibrium in competitive insurance markets: an essay on the economics of imperfect information, Quarterly Journal of Economics 90(4), 629 to 649, 1976, cited from memory. Observation year 1976. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r40\" aria-label=\"Back to the first call of note 40\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: Kunreuther, H. and Pauly, M., Neglecting disaster: why don\u2019t people insure against large losses?, Journal of Risk and Uncertainty 28(1), 5 to 21, 2004, cited from memory. Observation year 2004. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r41\" aria-label=\"Back to the first call of note 41\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n42\"><span class=\"nrp-notes-n\">42<\/span><span>UNVERIFIED, not opened: Kousky, C. and Cooke, R., Explaining the failure to insure catastrophic risks, Geneva Papers on Risk and Insurance 37, 206 to 227, 2012, cited from memory. Observation year 2012. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r42\" aria-label=\"Back to the first call of note 42\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n43\"><span class=\"nrp-notes-n\">43<\/span><span>UNVERIFIED, not opened: Froot, K.A., The market for catastrophe risk: a clinical examination, Journal of Financial Economics 60, 529 to 571, 2001, cited from memory. Observation year 2001. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r43\" aria-label=\"Back to the first call of note 43\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n44\"><span class=\"nrp-notes-n\">44<\/span><span>UNVERIFIED, not opened: Michel-Kerjan, E.O., Catastrophe economics: the National Flood Insurance Program, Journal of Economic Perspectives 24(4), 165 to 186, 2010, cited from memory. Observation year 2010. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r44\" aria-label=\"Back to the first call of note 44\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n45\"><span class=\"nrp-notes-n\">45<\/span><span>UNVERIFIED, not opened: Cummins, J.D. and Trainar, P., Securitization, insurance, and reinsurance, Journal of Risk and Insurance 76(3), 463 to 492, 2009, cited from memory. Observation year 2009. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r45\" aria-label=\"Back to the first call of note 45\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n46\"><span class=\"nrp-notes-n\">46<\/span><span>UNVERIFIED, not opened: Ben-Shahar, O. and Logue, K.D., Outsourcing regulation: how insurance reduces <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 moral-hazard\" data-tk=\"Nexus risk vocabulary\" data-td=\"The tendency of a party protected from consequences to take more risk than it otherwise would.\" data-ts=\"NRS-C1\" data-tr=\"draft\">moral hazard<\/a>, Michigan Law Review 111(2), 197 to 248, 2012, cited from memory. Observation year 2012. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r46\" aria-label=\"Back to the first call of note 46\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n47\"><span class=\"nrp-notes-n\">47<\/span><span>UNVERIFIED, not opened: Zscheischler, J. et al., Future climate risk from compound events, Nature <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a> 8, 469 to 477, 2018, cited from memory. Springer Nature. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r47\" aria-label=\"Back to the first call of note 47\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n6\"><span class=\"nrp-notes-n\">6<\/span><span>Risk and Insurance (ed.), report of Swiss Re Institute, World insurance in 2026: shock absorbers in a fragmenting world, July 2026 (real premium growth 3.9% in 2025, 1.3% in 2026 and 1.6% in 2027). The sigma report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), report of the Swiss Re Institute sigma resilience index published in July 2024 (global protection gap USD 1.83 trillion in 2023; natural catastrophe gap USD 385 billion premium equivalent; natural catastrophe resilience 25.7%; United States 39%; national values from about 5% to above 80%). The sigma report was not opened. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Artemis (ed.), report of Swiss Re Institute insurance market outlook, July 2025 (inflation-adjusted natural catastrophe exposure growth of 5% to 7% a year, faster than premiums). The outlook itself was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n13\"><span class=\"nrp-notes-n\">13<\/span><span>EIOPA (ed.), Dashboard on insurance protection gap for natural catastrophes (30 European countries; insurance coverage and economic loss data from 1980 to 2024; page updated December 2025). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster Risk Reduction 2025: Resilience Pays, cited from memory; no figure used. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r26\" aria-label=\"Back to the first call of note 26\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: IPCC, Climate Change 2022: Impacts, Adaptation and Vulnerability, Working Group II contribution to the Sixth Assessment Report, cited from memory; no figure used; the IPCC page returned an access error. Cambridge University Press. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r27\" aria-label=\"Back to the first call of note 27\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; protection gap 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n48\"><span class=\"nrp-notes-n\">48<\/span><span>CCRIF SPC (ed.), CCRIF in a Snapshot, brief revised April 2025 (78 payouts totalling about USD 390 million between June 2007 and April 2025; 30 members as of June 2024). The PDF was opened and its text read. CCRIF SPC, Grand Cayman. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n17\"><span class=\"nrp-notes-n\">17<\/span><span>POST-CLOSE, context only: CCRIF SPC (ed.), About us (40 members; 83 payouts and about USD 500 million paid from June 2007 to October 2026; eight parametric products). CCRIF SPC, Grand Cayman. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c6-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Flood Re (ed.), About us (reinsurance scheme for affordable flood cover in home insurance; planned to run until 2039). Flood Re, London. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c6-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-agenda\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c7-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 7<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">The 2027 agenda<\/h2><p class=\"nrp-lede\">Eight bounded questions open the 2027 insurance and protection gaps agenda. Each comes from a baseline finding, names the initiative that will carry it and the first output due in the 2027 insurance and protection gaps edition.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>0 figures<\/span><span>6 tables<\/span><span>5 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c7-s1\" aria-labelledby=\"nx-nrp-sr-06-c7-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c7-s1-h\"><span class=\"nrp-num\">7.1<\/span><span>Questions for the operational series<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">P-01<\/span><p class=\"nrp-rows-t\">How would a large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> that meets soft reinsurance pricing and short-dated public backstops move through households, lenders and governments?<\/p><p class=\"nrp-rows-m\">INI-SR06-LOSS-01 \u00b7 compound loss and backstop test; first output: transmission analysis for six regions.<\/p><\/li><li><span class=\"nrp-rows-i\">P-02<\/span><p class=\"nrp-rows-t\">What is the global <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> for 2025 on one stated method, and why do published estimates differ?<\/p><p class=\"nrp-rows-m\">INI-SR06-GAP-02 \u00b7 one-method gap; first output: reconciliation table.<\/p><\/li><li><span class=\"nrp-rows-i\">P-03<\/span><p class=\"nrp-rows-t\">Where is cover becoming unavailable or unaffordable, and how fast, outside the United States?<\/p><p class=\"nrp-rows-m\">INI-SR06-AVL-03 \u00b7 availability and affordability; first output: availability table.<\/p><\/li><li><span class=\"nrp-rows-i\">P-04<\/span><p class=\"nrp-rows-t\">Which residual markets and public schemes are growing, and how are they funded after a large loss?<\/p><p class=\"nrp-rows-m\">INI-SR06-RES-04 \u00b7 residual markets and backstops; first output: scheme register.<\/p><\/li><li><span class=\"nrp-rows-i\">P-05<\/span><p class=\"nrp-rows-t\">How do prevention, pricing and cover interact for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a>, flood and storm?<\/p><p class=\"nrp-rows-m\">INI-SR06-PRV-05 \u00b7 prevention and pricing; first output: evidence note.<\/p><\/li><li><span class=\"nrp-rows-i\">P-06<\/span><p class=\"nrp-rows-t\">How large is the insured share of cyber loss, and where does it accumulate?<\/p><p class=\"nrp-rows-m\">To be admitted in 2027; first output: scoping note.<\/p><\/li><li><span class=\"nrp-rows-i\">P-07<\/span><p class=\"nrp-rows-t\">What do health, mortality and crop protection gaps look like after 2023?<\/p><p class=\"nrp-rows-m\">To be admitted in 2027; first output: scoping note.<\/p><\/li><li><span class=\"nrp-rows-i\">P-08<\/span><p class=\"nrp-rows-t\">Which risk-financing capabilities have been tested in real losses, and which are only planned?<\/p><p class=\"nrp-rows-m\">Risk-financing capability register; first output: rung evidence for 15 functions.<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c7-s2\" aria-labelledby=\"nx-nrp-sr-06-c7-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c7-s2-h\"><span class=\"nrp-num\">7.2<\/span><span>Portfolio proposed for the Q1 2027 alignment<\/span><\/h2><p class=\"nrp-stand\">Five initiatives and one Universe mission candidate are proposed for the 2027 insurance portfolio. They are programme objects: no partner, funder or member is attached to them in this edition.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c7-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.1<\/span><span class=\"nrp-tbl-t\">Objects proposed for the first operational quarter<\/span><\/caption><thead><tr><th scope=\"col\">ID<\/th><th scope=\"col\">Object<\/th><th scope=\"col\">Kind<\/th><th scope=\"col\">Question<\/th><th scope=\"col\">State<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">INI-SR06-LOSS-01<\/span><\/td><td>Compound loss and backstop test<\/td><td>Initiative<\/td><td>P-01<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR06-GAP-02<\/span><\/td><td>One-method <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a><\/td><td>Initiative<\/td><td>P-02<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR06-AVL-03<\/span><\/td><td>Availability and affordability<\/td><td>Initiative<\/td><td>P-03<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR06-RES-04<\/span><\/td><td>Residual markets and backstops<\/td><td>Initiative<\/td><td>P-04<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-SR06-PRV-05<\/span><\/td><td>Prevention and pricing<\/td><td>Initiative<\/td><td>P-05<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">MSN-SR06-2027-01<\/span><\/td><td>Large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> Universe mission<\/td><td>Mission<\/td><td>P-01<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Candidate<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c7-s3\" aria-labelledby=\"nx-nrp-sr-06-c7-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c7-s3-h\"><span class=\"nrp-num\">7.3<\/span><span>The pathway<\/span><\/h2><p class=\"nrp-stand\">The insurance edition reads national insurance chapters, sector editions and the global edition through one governed evidence graph. At baseline the federation is designed and its first editions are drafted. This page states what exists today and what comes next.<\/p><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-t\">National insurance chapters<\/p><p class=\"nrp-rows-x\">insurance and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> reading in each national edition<\/p><p class=\"nrp-rows-m\">IN PREPARATION \u00b7 national baselines<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-t\">Sector editions<\/p><p class=\"nrp-rows-x\">finance, disaster, climate, cyber, health<\/p><p class=\"nrp-rows-m\">PLANNED \u00b7 sector Baseline Editions<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-t\">Insurance and protection gap model<\/p><p class=\"nrp-rows-x\">the global risk-financing system of <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a><\/p><p class=\"nrp-rows-m\">v0 SPECIFIED \u00b7 v1 with federation evidence<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-t\">Strategic links<\/p><p class=\"nrp-rows-x\">SR-01 \u00b7 SR-05 sovereign and fiscal resilience \u00b7 SR-14 resilience investment<\/p><p class=\"nrp-rows-m\">PLANNED \u00b7 strategic baselines<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-t\">Universe<\/p><p class=\"nrp-rows-x\">annual proving environment<\/p><p class=\"nrp-rows-m\">CANDIDATE MISSION \u00b7 mandate in 2027<\/p><\/li><li><span class=\"nrp-rows-i\">06<\/span><p class=\"nrp-rows-t\">Insurance Report<\/p><p class=\"nrp-rows-x\">this series<\/p><p class=\"nrp-rows-m\">BASELINE DRAFT \u00b7 2027 annual edition<\/p><\/li><li><span class=\"nrp-rows-i\">07<\/span><p class=\"nrp-rows-t\">Evidence and correction<\/p><p class=\"nrp-rows-x\">one graph, many projections<\/p><p class=\"nrp-rows-m\">OPEN \u00b7 first correction cycle in 2027<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c7-s4\" aria-labelledby=\"nx-nrp-sr-06-c7-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c7-s4-h\"><span class=\"nrp-num\">7.4<\/span><span>Universe 2027: evidence pack for the insurance and protection gaps candidate mission<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-x\">Mandate<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-x\">Core Build \u00b7 1 month<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-x\">Action \u00b7 1 week<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-x\">Evidence seal<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-x\">Portfolio correction<\/p><\/li><li><span class=\"nrp-rows-i\">06<\/span><p class=\"nrp-rows-x\">Next mandate<\/p><\/li><\/ol><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c7-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.2<\/span><span class=\"nrp-tbl-t\">Universe 2027: evidence pack for the insurance and protection gaps candidate mission<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Record<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Timing<\/th><\/tr><\/thead><tbody><tr><td>F1<\/td><td>Annual mandate record<\/td><td>PLANNED<\/td><td>after the Q2 2027 alignment<\/td><\/tr><tr><td>F2<\/td><td>Core Build record<\/td><td>PLANNED<\/td><td>one month before the exercise<\/td><\/tr><tr><td>F3<\/td><td>Exercise evidence<\/td><td>PLANNED<\/td><td>during the Action week<\/td><\/tr><tr><td>F4<\/td><td>Decision packets<\/td><td>PLANNED<\/td><td>exercise state only<\/td><\/tr><tr><td>F5<\/td><td>Proof receipts<\/td><td>PLANNED<\/td><td>scoped to each recorded check<\/td><\/tr><tr><td>F6<\/td><td>After-action report<\/td><td>PLANNED<\/td><td>within one quarter<\/td><\/tr><tr><td>F7<\/td><td>Upgrade docket<\/td><td>PLANNED<\/td><td>routed to the Portfolio<\/td><\/tr><tr><td>F8<\/td><td>Portfolio renewal<\/td><td>PLANNED<\/td><td>2027 insurance and protection gaps annual edition<\/td><\/tr><tr><td>F9<\/td><td>Public synthesis<\/td><td>PLANNED<\/td><td>public-safe extracts only<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Mission<\/h3><dl class=\"nrp-dl\"><dt>ID<\/dt><dd>MSN-SR06-2027-01 \u00b7 Large <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> Universe mission<\/dd><dt>Role spine<\/dt><dd>Leadership sponsor \u00b7 Institutional anchor \u00b7 Mission lead: drawn from national pathways<\/dd><dt>Receiving actors<\/dt><dd>to be identified with the mandate<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Simulation success is not deployment approval; demonstration is not certification; finance readiness is not financing secured.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c7-s5\" aria-labelledby=\"nx-nrp-sr-06-c7-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c7-s5-h\"><span class=\"nrp-num\">7.5<\/span><span>Handoffs and routing<\/span><\/h2><p class=\"nrp-stand\">Where the baseline\u2019s findings go next. A handoff routes a finding for awareness, review or work; it transfers no authority.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c7-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.3<\/span><span class=\"nrp-tbl-t\">Handoffs and routing<\/span><\/caption><thead><tr><th scope=\"col\">Finding<\/th><th scope=\"col\">Routed to<\/th><th scope=\"col\">Purpose<\/th><th scope=\"col\">Class<\/th><\/tr><\/thead><tbody><tr><td>FIN-001 \u00b7 loss totals<\/td><td>INI-SR06-GAP-02<\/td><td>one-method gap<\/td><td>PUBLIC<\/td><\/tr><tr><td>FIN-002 \u00b7 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a><\/td><td>INI-SR06-GAP-02<\/td><td>one-method gap<\/td><td>PUBLIC<\/td><\/tr><tr><td>FIN-006 \u00b7 availability<\/td><td>INI-SR06-AVL-03<\/td><td>availability and affordability<\/td><td>PUBLIC<\/td><\/tr><tr><td>FIN-007 \u00b7 residual market<\/td><td>INI-SR06-RES-04<\/td><td>residual markets and backstops<\/td><td>PUBLIC<\/td><\/tr><tr><td>INF-009 \u00b7 flood scheme<\/td><td>INI-SR06-RES-04<\/td><td>residual markets and backstops<\/td><td>PUBLIC<\/td><\/tr><tr><td>CLI-003 \u00b7 secondary perils<\/td><td>INI-SR06-PRV-05<\/td><td>prevention and pricing<\/td><td>PUBLIC<\/td><\/tr><tr><td>DEV-011 \u00b7 public schemes<\/td><td>sector editions<\/td><td>scheme register<\/td><td>PUBLIC<\/td><\/tr><tr><td>SYS-012 \u00b7 compound pathway<\/td><td>MSN-SR06-2027-01<\/td><td>Universe candidate<\/td><td>CONSORTIUM<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c7-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.4<\/span><span class=\"nrp-tbl-t\">Routing rules by publication class<\/span><\/caption><thead><tr><th scope=\"col\">Class<\/th><th scope=\"col\">Where it goes<\/th><th scope=\"col\">Who can see it<\/th><\/tr><\/thead><tbody><tr><td>PUBLIC<\/td><td>the published edition and its evidence bundle<\/td><td>anyone<\/td><\/tr><tr><td>CONSORTIUM<\/td><td>governed rooms of the federation<\/td><td>consortium members under agreement<\/td><\/tr><tr><td>CONTROLLED<\/td><td>need-to-know channels<\/td><td>named competent actors only<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">CODES ARE NOT JOINS<\/p><p>Series codes in this edition (SR-06 and its relatives) are Reports codes. Codes in other indices can look alike. This edition makes no join on a code alone: a join needs a registry record that names both subjects.<\/p><\/aside><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Handoffs carry findings to Nexus programme objects and steward reviews. States and organisations receive public editions as published; nothing here instructs them.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c7-s6\" aria-labelledby=\"nx-nrp-sr-06-c7-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c7-s6-h\"><span class=\"nrp-num\">7.6<\/span><span>Feeds and signal register<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c7-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.5<\/span><span class=\"nrp-tbl-t\">Feeds watched from 2027<\/span><\/caption><thead><tr><th scope=\"col\">Feed<\/th><th scope=\"col\">Producer<\/th><th scope=\"col\">Latency<\/th><th scope=\"col\">Feeds into<\/th><\/tr><\/thead><tbody><tr><td>Annual natural catastrophe loss reports<\/td><td>Swiss Re Institute, Munich Re, Aon, Gallagher Re<\/td><td>annual<\/td><td>FIN-001<\/td><\/tr><tr><td>Residual market statistics<\/td><td>California FAIR Plan<\/td><td>quarterly<\/td><td>FIN-007<\/td><\/tr><tr><td>Policy counts<\/td><td>Florida Citizens<\/td><td>weekly<\/td><td>FIN-008<\/td><\/tr><tr><td>Flood programme authorisation<\/td><td>Congressional Research Service<\/td><td>per extension<\/td><td>INF-009<\/td><\/tr><tr><td>European <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> dashboard<\/td><td>EIOPA<\/td><td>annual<\/td><td>FIN-001<\/td><\/tr><tr><td>Parametric payouts<\/td><td>CCRIF<\/td><td>per event<\/td><td>DEV-011<\/td><\/tr><tr><td>Homeowners market data call<\/td><td>NAIC<\/td><td>annual<\/td><td>FIN-006<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Escalation routes<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">none \u00b7 keep monitoring<\/li><li class=\"nf-ui-chip\">research question<\/li><li class=\"nf-ui-chip\">project<\/li><li class=\"nf-ui-chip\">risk object<\/li><li class=\"nf-ui-chip\">annual publication<\/li><li class=\"nf-ui-chip\">signal report<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c7-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.6<\/span><span class=\"nrp-tbl-t\">Signals at baseline<\/span><\/caption><thead><tr><th scope=\"col\">ID<\/th><th scope=\"col\">Signal<\/th><th scope=\"col\">Corroboration<\/th><th scope=\"col\">Systems<\/th><th scope=\"col\">Route<\/th><\/tr><\/thead><tbody><tr><td>SIG-SR06-001<\/td><td>Four loss estimates differ by USD 22 billion on <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c7-n1\" id=\"nx-nrp-sr-06-c7-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c7-n2\" id=\"nx-nrp-sr-06-c7-r2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c7-n3\" id=\"nx-nrp-sr-06-c7-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c7-n4\" id=\"nx-nrp-sr-06-c7-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>CORROBORATED<\/td><td>FIN \u00b7 CLI<\/td><td>research question P-02<\/td><\/tr><tr><td>SIG-SR06-002<\/td><td>Residual market exposure rose 252% in four years<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c7-n8\" id=\"nx-nrp-sr-06-c7-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>CORROBORATED<\/td><td>FIN \u00b7 INF<\/td><td>research question P-04<\/td><\/tr><tr><td>SIG-SR06-003<\/td><td>Reinsurance rates fell 14.7% at January 2026 renewals<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c7-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>PARTIAL<\/td><td>FIN \u00b7 TRD<\/td><td>risk object RSK-SR06-FIN-001<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>A signal is not a warning. Signal records never substitute for official alerting or early-warning authorities, and they bypass no publication control.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c7-notes\" aria-labelledby=\"nx-nrp-sr-06-c7-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c7-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c7-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c7-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c7-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c7-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c7-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c7-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c7-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c7-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c7-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c7-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-systems-in-depth\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-c8-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 8<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Systems in depth<\/h2><p class=\"nrp-lede\">One section per system: its state at evidence close, its exposures and what the operational series will watch.<\/p><p class=\"nrp-chap-meta\"><span>9 min read<\/span><span>0 figures<\/span><span>5 tables<\/span><span>19 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c8-s1\" aria-labelledby=\"nx-nrp-sr-06-c8-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c8-s1-h\"><span class=\"nrp-num\">8.1<\/span><span>Common causes<\/span><\/h2><p class=\"nrp-stand\">One driver can raise loss in many markets at once: rising exposure, secondary perils and low take-up of cover. The shared cause matters more than the line of business.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">92<\/span><span class=\"nrp-cell-u\">%<\/span><p>of 2025 insured losses from secondary perils<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" id=\"nx-nrp-sr-06-c8-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">5 to 7<\/span><span class=\"nrp-cell-u\">%<\/span><p>real growth a year in insured losses<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n7\" id=\"nx-nrp-sr-06-c8-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">40<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a>, Los Angeles wildfires<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c8-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.1<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Secondary perils<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a>, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h1\" data-tc=\"NHS-1 atmo.convective.thunderstorm\" data-tk=\"Atmosphere and weather \u00b7 Convective storms\" data-td=\"A convective storm cell with lightning and thunder that can bring heavy rain, gusts and hail.\" data-ts=\"NRS-H1\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">severe storm<\/a> and flood made up most insured loss<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Exposure growth<\/td><td>inflation-adjusted exposure grows faster than premiums<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Low take-up<\/td><td>USD 9 billion insured of about USD 73 billion in Asia-Pacific<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n2\" id=\"nx-nrp-sr-06-c8-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Disaster risk trends<\/td><td>global hazard and adaptation context<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n26\" id=\"nx-nrp-sr-06-c8-r26\" aria-label=\"Note 26\">26<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n27\" id=\"nx-nrp-sr-06-c8-r27\" aria-label=\"Note 27\">27<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>CLI \u2192 FIN secondary perils<\/li><li>FIN \u2192 DEV low take-up<\/li><li>WAT \u2192 FIN flood loss<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>common cause tagging of insured loss<\/li><li>take-up data by income<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Next annual loss reports; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h24\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm loss trends; take-up data outside the United States.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-01 Global Polycrisis and Cascading Systems Risk<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes causes recorded in public sources. It rates no insurer and assesses no market.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c8-s2\" aria-labelledby=\"nx-nrp-sr-06-c8-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c8-s2-h\"><span class=\"nrp-num\">8.2<\/span><span>Domino effects<\/span><\/h2><p class=\"nrp-stand\">A loss in one place removes cover in the next. Nonrenewal sends policies to residual markets, and uncovered flood loss lands on a public scheme or on the household.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">\u224880<\/span><span class=\"nrp-cell-u\">% higher<\/span><p>nonrenewal rate, highest-risk ZIP Codes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n12\" id=\"nx-nrp-sr-06-c8-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">157<\/span><span class=\"nrp-cell-u\">%<\/span><p>rise in FAIR Plan policies since September 2022<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n8\" id=\"nx-nrp-sr-06-c8-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">29<\/span><span class=\"nrp-cell-u\">%<\/span><p>of NFIP claims from outside high-risk areas<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n11\" id=\"nx-nrp-sr-06-c8-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c8-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.2<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Nonrenewal to residual market<\/td><td>higher nonrenewal in high-risk areas; scheme exposure up 252% since 2022<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n12\" aria-label=\"Note 12\">12<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Residual market to private market<\/td><td>Citizens fell from about 1.4 million to 439,079 policies through transfers<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n9\" id=\"nx-nrp-sr-06-c8-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Flood to public scheme<\/td><td>most homeowners policies exclude flood<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n10\" id=\"nx-nrp-sr-06-c8-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Cover to credit<\/td><td>most mortgage lenders require homeowners cover<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n23\" id=\"nx-nrp-sr-06-c8-r23\" aria-label=\"Note 23\">23<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>FIN \u2192 FIN nonrenewal<\/li><li>WAT \u2192 INF \u2192 FIN flood<\/li><li>FIN \u2192 HLT, DEV uninsured loss<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>timing of cover loss after an event<\/li><li>mortgage default linkage<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Residual market counts; nonrenewal data; the NAIC data call.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-01 Global Polycrisis and Cascading Systems Risk<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes dependency sequences. It rates no insurer and recommends no policy.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c8-s3\" aria-labelledby=\"nx-nrp-sr-06-c8-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c8-s3-h\"><span class=\"nrp-num\">8.3<\/span><span>Inter-systemic feedbacks<\/span><\/h2><p class=\"nrp-stand\">Cover also shapes the risk it covers. Price signals and scheme terms can reward mitigation, and capital cycles feed back on prices.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">14.7<\/span><span class=\"nrp-cell-u\">%<\/span><p>fall in risk-adjusted property catastrophe reinsurance rates, January 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">\u224815<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>cyber premiums, 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n19\" id=\"nx-nrp-sr-06-c8-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">2012<\/span><span class=\"nrp-cell-u\"><\/span><p>year the Principles for Sustainable Insurance were launched<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n20\" id=\"nx-nrp-sr-06-c8-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c8-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.3<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Pricing and prevention<\/td><td>mitigation discounts in the Australian <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">cyclone<\/a> pool<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n18\" id=\"nx-nrp-sr-06-c8-r18\" aria-label=\"Note 18\">18<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Adaptation<\/td><td>homeowner-level adaptation can reduce <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Capital cycle<\/td><td>record capital and lower ceded loss pushed rates down<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Disclosure<\/td><td>insurers and others disclose climate risk under IFRS S2 where adopted<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n21\" id=\"nx-nrp-sr-06-c8-r21\" aria-label=\"Note 21\">21<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>FIN \u2192 CLI prevention<\/li><li>FIN \u2194 TRD capital cycle<\/li><li>DAT \u2192 FIN cyber growth<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>evidence that price signals change building<\/li><li>effect of disclosure on cover<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>January 2027 renewals; scheme mitigation rules; adoption of IFRS S2.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-01 Global Polycrisis and Cascading Systems Risk<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes feedback loops. It assesses no company or scheme.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c8-s4\" aria-labelledby=\"nx-nrp-sr-06-c8-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c8-s4-h\"><span class=\"nrp-num\">8.4<\/span><span>Shared vulnerabilities<\/span><\/h2><p class=\"nrp-stand\">Different lines share the same weak points: concentration in a few perils and places, short-dated public schemes and a thin evidence base.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">78<\/span><span class=\"nrp-cell-u\">%<\/span><p>of 2025 global insured losses in the United States<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n4\" id=\"nx-nrp-sr-06-c8-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">773<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>FAIR Plan exposure, September 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">36<\/span><span class=\"nrp-cell-u\"><\/span><p>short-term NFIP reauthorisations since FY2017<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c8-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.4<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Concentration in one market<\/td><td>the United States held USD 100 billion of USD 129 billion <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Concentration in one scheme<\/td><td>one residual market holds USD 773 billion of exposure<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Short-dated public cover<\/td><td>repeated short extensions and two recent lapses<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Cyber accumulation<\/td><td>young market; thin loss data<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>CLI \u2192 FIN concentration<\/li><li>INF \u2192 FIN scheme deadlines<\/li><li>DAT \u2192 FIN cyber<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>accumulation data across lines<\/li><li>scheme capital after a large loss<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Quarterly scheme statistics; flood programme authorisation; cyber loss reporting.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-01 Global Polycrisis and Cascading Systems Risk<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes shared weak points in public sources. It assesses no insurer, scheme or market.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c8-s5\" aria-labelledby=\"nx-nrp-sr-06-c8-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c8-s5-h\"><span class=\"nrp-num\">8.5<\/span><span>Thresholds and tipping<\/span><\/h2><p class=\"nrp-stand\">A system can absorb loss until a threshold is crossed. Scheme deadlines, borrowing limits and the size of a peak loss are such thresholds.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">320<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>Swiss Re peak-loss scenario for 2026 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">148<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>insured loss at normal long-term levels, 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">1<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>NFIP borrowing limit if not reauthorised<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-c8-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.5<\/span><span class=\"nrp-tbl-t\">Evidence at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Instance<\/th><th scope=\"col\">Mechanism in action<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Peak loss<\/td><td>modelled peak scenario is about twice the normal level<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><\/tr><tr><td>Scheme deadline<\/td><td>authorisation to 11 December 2026; limit falls from USD 30.425 billion to USD 1 billion<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Rule change<\/td><td>amended Solvency II rules apply from 30 January 2027<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n22\" id=\"nx-nrp-sr-06-c8-r22\" aria-label=\"Note 22\">22<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Tipping in markets<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 adverse-selection\" data-tk=\"Nexus risk vocabulary\" data-td=\"The tendency of those facing higher risk to seek more cover, which can undermine pools when risk cannot be observed.\" data-ts=\"NRS-C1\" data-tr=\"draft\">adverse selection<\/a> can unravel pooled cover<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n39\" id=\"nx-nrp-sr-06-c8-r39\" aria-label=\"Note 39\">39<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-c8-n40\" id=\"nx-nrp-sr-06-c8-r40\" aria-label=\"Note 40\">40<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Pathways in this mechanism<\/h3><ul class=\"nrp-list\"><li>FIN \u2192 FIN cover unravelling<\/li><li>INF \u2192 FIN deadline<\/li><li>CLI \u2192 FIN peak loss<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>capital thresholds of residual markets<\/li><li>affordability thresholds for households<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>The December 2026 flood deadline; January 2027 renewals; the next large insured loss.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">SR-01 Global Polycrisis and Cascading Systems Risk<\/li><li class=\"nf-ui-chip\">SR-02 Critical Infrastructure and Lifeline Systems<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-08 Disaster and Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes thresholds in public sources. It is not a prediction and assesses no insurer or scheme.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-c8-notes\" aria-labelledby=\"nx-nrp-sr-06-c8-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-c8-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-c8-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Artemis (ed.), report of Swiss Re Institute insurance market outlook, July 2025 (inflation-adjusted natural catastrophe exposure growth of 5% to 7% a year, faster than premiums). The outlook itself was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a> 2025: Resilience Pays, cited from memory; no figure used. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r26\" aria-label=\"Back to the first call of note 26\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: IPCC, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 climate-change\" data-tk=\"Nexus risk vocabulary\" data-td=\"A change in the state of the climate that persists for decades or longer, identified by shifts in averages and variability; in current practice, mainly the change driven by human emissions.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Climate Change<\/a> 2022: Impacts, Adaptation and Vulnerability, Working Group II contribution to the Sixth Assessment Report, cited from memory; no figure used; the IPCC page returned an access error. Cambridge University Press. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r27\" aria-label=\"Back to the first call of note 27\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), FloodSmart (most homeowners insurance does not cover flood damage; almost one third of NFIP claims come from outside high-risk flood areas, stated as 29%). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n23\"><span class=\"nrp-notes-n\">23<\/span><span>POST-CLOSE, context only: National Association of Insurance Commissioners (ed.), Homeowners Insurance (most mortgage lenders require homeowners coverage; Homeowners Market Data Call meetings of 14 and 16 October 2026 and a joint meeting set for 16 November 2026). NAIC, Kansas City. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n20\"><span class=\"nrp-notes-n\">20<\/span><span>UNEP Finance Initiative (ed.), Principles for Sustainable Insurance (launched 2012; close to 300 members). United Nations Environment Programme, Geneva. Observation year 2012. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n21\"><span class=\"nrp-notes-n\">21<\/span><span>IFRS Foundation (ed.), IFRS S2 Climate-related Disclosures (issued June 2023; effective for periods from 1 January 2024; amendments to greenhouse gas emissions disclosures issued December 2025). ISSB, London. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r21\" aria-label=\"Back to the first call of note 21\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n22\"><span class=\"nrp-notes-n\">22<\/span><span>EIOPA (ed.), Solvency II (Directive (EU) 2025\/2 amends the framework; new rules apply from 30 January 2027). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Akerlof, G.A., The market for lemons: quality uncertainty and the market mechanism, Quarterly Journal of Economics 84(3), 488 to 500, 1970, cited from memory. Observation year 1970. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-c8-n40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: Rothschild, M. and Stiglitz, J., Equilibrium in competitive insurance markets: an essay on the economics of imperfect information, Quarterly Journal of Economics 90(4), 629 to 649, 1976, cited from memory. Observation year 1976. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-c8-r40\" aria-label=\"Back to the first call of note 40\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-methodology\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-ca-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex A<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Methodology<\/h2><p class=\"nrp-lede\">How the edition was made: methods, the model card, the evidence cut and its age, the acceptance record and the glossary.<\/p><p class=\"nrp-chap-meta\"><span>13 min read<\/span><span>0 figures<\/span><span>13 tables<\/span><span>12 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s1\" aria-labelledby=\"nx-nrp-sr-06-ca-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s1-h\"><span class=\"nrp-num\">A.1<\/span><span>Methods<\/span><\/h2><p class=\"nrp-stand\">The global baseline uses published values and four simple derivations. Each is shown in full so that any reader can reproduce it.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.1<\/span><span class=\"nrp-tbl-t\">Methods<\/span><\/caption><thead><tr><th scope=\"col\">No.<\/th><th scope=\"col\">Derivation<\/th><th scope=\"col\">Calculation<\/th><th scope=\"col\">Result<\/th><\/tr><\/thead><tbody><tr><td>(1)<\/td><td>Spread of 2025 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> estimates<\/td><td>129 minus 107<\/td><td>22 USD billion<\/td><\/tr><tr><td>(2)<\/td><td>Spread of 2025 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a> estimates<\/td><td>296 minus 220<\/td><td>76 USD billion<\/td><\/tr><tr><td>(3)<\/td><td>FAIR Plan exposure per policy, September 2026<\/td><td>773 billion \u00f7 698,307<\/td><td>\u2248 USD 1.1 million<\/td><\/tr><tr><td>(4)<\/td><td>Insured share of Asia-Pacific losses, 2025<\/td><td>9 \u00f7 73<\/td><td>\u2248 12%<\/td><\/tr><tr><td>(5)<\/td><td>Swiss Re implied uninsured share, 2025<\/td><td>100 minus 49<\/td><td>\u2248 51%<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.2<\/span><span class=\"nrp-tbl-t\">Coupling strength scale (matrix and model card)<\/span><\/caption><thead><tr><th scope=\"col\">Strength<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td>STRONG<\/td><td>a disruption in the source system has historically changed the target system\u2019s service or output within one season, in more than one region<\/td><\/tr><tr><td>MODERATE<\/td><td>an effect is documented but buffered or slower<\/td><\/tr><tr><td>WEAK<\/td><td>an effect is plausible but not documented at global scale<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.3<\/span><span class=\"nrp-tbl-t\">Status grammar<\/span><\/caption><thead><tr><th scope=\"col\">Label<\/th><th scope=\"col\">Rule<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td>value as issued by its source, with year<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><td>reasoned from cited evidence; never a measurement<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td>Nexus analytical value with stated method<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Scenario<\/span><\/td><td>conditional on stated assumptions<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><td>structured editorial judgement awaiting evidence<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s2\" aria-labelledby=\"nx-nrp-sr-06-ca-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s2-h\"><span class=\"nrp-num\">A.2<\/span><span>Model card, Insurance and Protection Gap Model v0<\/span><\/h2><dl class=\"nrp-dl\"><dt>Model ID<\/dt><dd>MDL-SR06-INSURANCE \u00b7 v0.1<\/dd><dt>Purpose<\/dt><dd>represent insurance and risk financing as a linked system and the mechanisms by which loss moves between households, insurers, reinsurers and governments<\/dd><dt>Family<\/dt><dd>graph-based system of <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a><\/dd><dt>Inputs<\/dt><dd>the cited sources of this edition; no proprietary data<\/dd><dt>Method<\/dt><dd>expert-specified coupling strengths (STRONG \u00b7 MODERATE \u00b7 WEAK) from assessments and analogue events<\/dd><dt>Validation<\/dt><dd>none yet, first validation against federation evidence in 2027<\/dd><dt>Uncertainty<\/dt><dd>qualitative; strengths are hypotheses, not measurements<\/dd><dt>Domain of validity<\/dt><dd>global scale; not for asset-, site- or country-level use<\/dd><dt>Reproducibility<\/dt><dd>strength table and sources published in this edition<\/dd><\/dl><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">20<\/span><span class=\"nrp-cell-u\">couplings<\/span><p>typed in v0<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">1<\/span><span class=\"nrp-cell-u\">strong<\/span><p>documented within one season<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">4<\/span><span class=\"nrp-cell-u\">moderate<\/span><p>documented, buffered<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">15<\/span><span class=\"nrp-cell-u\">weak<\/span><p>plausible, undocumented<\/p><\/div><\/div><div class=\"nrp-split\"><div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">SUITABLE FOR<\/p><p>framing the 2027 agenda; choosing which protection gaps to measure first; explaining how uninsured loss spreads.<\/p><\/aside><\/div><div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NOT SUITABLE FOR<\/p><p>quantitative loss estimates, country comparisons or rankings, operational decisions, or any claim about a specific asset.<\/p><\/aside><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">VERSIONING<\/p><p>Models are immutable by version. A change to any coupling, rule or weight produces v0.2 with its own card and correction note.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s3\" aria-labelledby=\"nx-nrp-sr-06-ca-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s3-h\"><span class=\"nrp-num\">A.3<\/span><span>The baseline evidence cut<\/span><\/h2><p class=\"nrp-stand\">Every Nexus edition is published from a frozen evidence cut. The global baseline cut is documentary: it pins the exact edition of every source cited. Federation cuts begin with the first national Foundry cuts in 2027.<\/p><dl class=\"nrp-dl\"><dt>Cut ID<\/dt><dd>DC-STRATEGIC-INSURANCE-GLOBAL-2026-B0<\/dd><dt>Type<\/dt><dd>baseline documentary cut<\/dd><dt>Resolution policy<\/dt><dd>pinned \u00b7 as of 30 September 2026<\/dd><dt>Sources pinned<\/dt><dd>48 cited sources, each at the edition and access date in the references<\/dd><dt>Model runs<\/dt><dd>none at baseline, analytical values are stated with their method<\/dd><dt>Digest<\/dt><dd>computed at <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h5\" data-tc=\"NHS-1 atmo.thermal.hard-freeze\" data-tk=\"Atmosphere and weather \u00b7 Thermal extremes\" data-td=\"Air temperature falling well below freezing for hours, killing crops, bursting pipes and stopping water flow.\" data-ts=\"NRS-H5\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">freeze<\/a> and recorded in the publication record<\/dd><dt>Supersedes<\/dt><dd>nothing, first cut of the series<\/dd><dt>Superseded by<\/dt><dd>the 2027 insurance and protection gaps annual cut<\/dd><\/dl><h3 class=\"nrp-h3\">Lineage<\/h3><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-x\">source edition<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-x\">pinned citation<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-x\">finding<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-x\">page<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-x\">publication record<\/p><\/li><\/ol><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.4<\/span><span class=\"nrp-tbl-t\">From the baseline cut to the federation cut<\/span><\/caption><thead><tr><th scope=\"col\">Element<\/th><th scope=\"col\">Baseline 2026<\/th><th scope=\"col\">2027 global annual<\/th><\/tr><\/thead><tbody><tr><td>Sources<\/td><td>cited global publications, pinned by edition<\/td><td>national, regional and sector cuts through one graph<\/td><\/tr><tr><td>Analysis<\/td><td>stated methods and editorial estimates<\/td><td>typed analysis specifications<\/td><\/tr><tr><td>Models<\/td><td>Insurance and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">Protection Gap<\/a> Model v0 specification<\/td><td>model runs with receipts<\/td><\/tr><tr><td>Findings<\/td><td>twelve baseline findings<\/td><td>findings re-bound to federation evidence<\/td><\/tr><tr><td>Review<\/td><td>five passes scheduled<\/td><td>five passes on the exact digest<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s4\" aria-labelledby=\"nx-nrp-sr-06-ca-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s4-h\"><span class=\"nrp-num\">A.4<\/span><span>Evidence age and coverage<\/span><\/h2><p class=\"nrp-stand\">A 2026 global edition rests on evidence observed in many different years. This page shows each time base, so that no single year label hides older evidence.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.5<\/span><span class=\"nrp-tbl-t\">Evidence age and coverage<\/span><\/caption><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Observed<\/th><th scope=\"col\">Released<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Next release<\/th><\/tr><\/thead><tbody><tr><td>Global <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a> estimates<\/td><td>2025<\/td><td>Jan to Mar 2026<\/td><td>annual<\/td><td>next annual reports in early 2027<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">Protection gap<\/a>, all perils<\/td><td>2023<\/td><td>Jul 2024<\/td><td>annual<\/td><td>no later edition found<\/td><\/tr><tr><td>US homeowners availability<\/td><td>2018 to 2022<\/td><td>Jan 2025<\/td><td>one-off<\/td><td>NAIC data call under way<\/td><\/tr><tr><td>California FAIR Plan<\/td><td>Sep 2026<\/td><td>Sep 2026<\/td><td>quarterly<\/td><td>next quarter<\/td><\/tr><tr><td>Florida Citizens<\/td><td>Nov 2025<\/td><td>Nov 2025<\/td><td>weekly<\/td><td>current count not retrieved<\/td><\/tr><tr><td>US flood programme<\/td><td>Nov 2026<\/td><td>Sep 2026<\/td><td>per extension<\/td><td>11 December 2026<\/td><\/tr><tr><td>European protection gap data<\/td><td>1980 to 2024<\/td><td>Dec 2025<\/td><td>annual<\/td><td>next update<\/td><\/tr><tr><td>Parametric payouts<\/td><td>to Apr 2025<\/td><td>Apr 2025<\/td><td>per event<\/td><td>post-close, context only: 83 payouts and about USD 500 million to October 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n17\" id=\"nx-nrp-sr-06-ca-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><\/tr><tr><td>Reinsurance pricing<\/td><td>Jan 2026<\/td><td>Jan 2026<\/td><td>annual<\/td><td>January 2027 renewals<\/td><\/tr><tr><td>Cyber premiums<\/td><td>2025<\/td><td>2026<\/td><td>annual<\/td><td>next survey<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.6<\/span><span class=\"nrp-tbl-t\">Coverage by system at baseline<\/span><\/caption><thead><tr><th scope=\"col\">System<\/th><th scope=\"col\">Coverage<\/th><th scope=\"col\">Thinnest dimension<\/th><\/tr><\/thead><tbody><tr><td>Natural catastrophe loss totals<\/td><td>GOOD<\/td><td>one-method global series<\/td><\/tr><tr><td>Protection gap<\/td><td>PARTIAL<\/td><td>gap for 2025 on one method<\/td><\/tr><tr><td>Residual markets<\/td><td>PARTIAL<\/td><td>schemes outside the US<\/td><\/tr><tr><td>Public backstops<\/td><td>PARTIAL<\/td><td>scheme coverage by country<\/td><\/tr><tr><td>Availability<\/td><td>THIN<\/td><td>data outside the US<\/td><\/tr><tr><td>Cyber<\/td><td>THIN<\/td><td>insured share of loss<\/td><\/tr><tr><td>Health and mortality gaps<\/td><td>THIN<\/td><td>values after 2023<\/td><\/tr><tr><td>Affordability<\/td><td>THIN<\/td><td>household cost of cover<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.7<\/span><span class=\"nrp-tbl-t\">Designed empty states: what is not bound, what would fill it and why<\/span><\/caption><thead><tr><th scope=\"col\">Field<\/th><th scope=\"col\">Source that would fill it<\/th><th scope=\"col\">Blocker<\/th><\/tr><\/thead><tbody><tr><td>Global insured and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a> for 2025 on one stated method<\/td><td>Swiss Re Institute, Munich Re, Aon, Gallagher Re annual reports<\/td><td>four estimates differ in scope; the Swiss Re and Munich Re reports were read through trade coverage and not in full<\/td><\/tr><tr><td>Global protection gap for 2025 on one method<\/td><td>Swiss Re resilience index or a successor<\/td><td>no 2024 or 2025 edition of the index found; 2023 is the latest bound value<\/td><\/tr><tr><td>Health, mortality and crop protection gaps<\/td><td>Swiss Re resilience index<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n5\" id=\"nx-nrp-sr-06-ca-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>component values were not retrieved from a primary page<\/td><\/tr><tr><td>Household affordability of cover by country<\/td><td>national statistics offices, supervisors and insurers<\/td><td>no comparable series found<\/td><\/tr><tr><td>Withdrawal of cover and nonrenewal outside the United States<\/td><td>national supervisors<\/td><td>not retrieved; no comparable series found<\/td><\/tr><tr><td>US nonrenewal and premium data after 2022<\/td><td>NAIC homeowners data call<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n23\" id=\"nx-nrp-sr-06-ca-r23\" aria-label=\"Note 23\">23<\/a><\/sup><\/td><td>the data call is in design; no published series found<\/td><\/tr><tr><td>Current Florida Citizens policy count<\/td><td>Florida Citizens weekly figures<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n9\" id=\"nx-nrp-sr-06-ca-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><td>the Citizens page was not found; the latest bound count is from late November 2025<\/td><\/tr><tr><td>Cyber insured share of loss<\/td><td>Munich Re survey and national incident data<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n19\" id=\"nx-nrp-sr-06-ca-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td>the page gives premiums and forecasts, not an insured share<\/td><\/tr><tr><td>UNDRR GAR 2025 figures on disaster loss and insurance<\/td><td>UNDRR GAR 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n26\" id=\"nx-nrp-sr-06-ca-r26\" aria-label=\"Note 26\">26<\/a><\/sup><\/td><td>not opened; no figure from it is used<\/td><\/tr><tr><td>EU protection gap values from the EIOPA dashboard<\/td><td>EIOPA dashboard<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n13\" id=\"nx-nrp-sr-06-ca-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><td>the dashboard page gives scope but no value; the dashboard itself was not read<\/td><\/tr><tr><td>Capital and solvency position of residual markets after a large loss<\/td><td>scheme annual reports<\/td><td>not retrieved<\/td><\/tr><tr><td>Capability rungs beyond loss response<\/td><td>insurers, supervisors, ministries<\/td><td>not reviewed<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s5\" aria-labelledby=\"nx-nrp-sr-06-ca-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s5-h\"><span class=\"nrp-num\">A.5<\/span><span>Evidence cards, two anchor sources<\/span><\/h2><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Issued by a reinsurance broker. Annual with half-year updates. Role: binds FIN-001 and FIN-002. Coverage: global. The figures were read in trade coverage of the report; the report itself was not opened.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EVD-SR06-001<\/h3><p>Gallagher Re Natural Catastrophe and Climate Report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n4\" id=\"nx-nrp-sr-06-ca-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Issued by a national agency. One-off. Role: binds FIN-006. Coverage: US ZIP Codes, 2018 to 2022. The release page was read; the report itself was not opened.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EVD-SR06-002<\/h3><p>US Treasury Federal Insurance Office homeowners report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n12\" id=\"nx-nrp-sr-06-ca-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><\/article><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.8<\/span><span class=\"nrp-tbl-t\">Quality dimensions at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Dimension<\/th><th scope=\"col\">EVD-SR06-001<\/th><th scope=\"col\">EVD-SR06-002<\/th><\/tr><\/thead><tbody><tr><td>Completeness<\/td><td>broker sample and model estimates<\/td><td>330 insurers; ZIP Code aggregates<\/td><\/tr><tr><td>Timeliness<\/td><td>about 1 to 3 months after year end<\/td><td>about 3 years after the last data year<\/td><\/tr><tr><td>Revision<\/td><td>later reports restate prior years<\/td><td>none found<\/td><\/tr><tr><td>Method transparency<\/td><td>scope stated in the report; not read in full<\/td><td>method stated in the release<\/td><\/tr><tr><td>External validation<\/td><td>compared here against three other publishers<\/td><td>industry groups dispute the reading<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Evidence cards to follow in 2027<\/h3><ul class=\"nrp-list\"><li>Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n4\" aria-label=\"Note 4\">4<\/a><\/sup> and Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n3\" id=\"nx-nrp-sr-06-ca-r3\" aria-label=\"Note 3\">3<\/a><\/sup>: report text on scope and method<\/li><li>Swiss Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n1\" id=\"nx-nrp-sr-06-ca-r1\" aria-label=\"Note 1\">1<\/a><\/sup> and Munich Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n2\" id=\"nx-nrp-sr-06-ca-r2\" aria-label=\"Note 2\">2<\/a><\/sup>: full reports<\/li><li>FIO<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n12\" aria-label=\"Note 12\">12<\/a><\/sup>: full report and data tables<\/li><li>EIOPA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n13\" aria-label=\"Note 13\">13<\/a><\/sup>: dashboard values for the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a><\/li><\/ul><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s6\" aria-labelledby=\"nx-nrp-sr-06-ca-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s6-h\"><span class=\"nrp-num\">A.6<\/span><span>Publication acceptance record<\/span><\/h2><p class=\"nrp-stand\">Editorial self-check at evidence close. Every applicable item carries a disposition; the remaining items are review, approval and deposit.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab9\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.9<\/span><span class=\"nrp-tbl-t\">Publication acceptance record<\/span><\/caption><thead><tr><th scope=\"col\">Group<\/th><th scope=\"col\">Area<\/th><th scope=\"col\">Items<\/th><th scope=\"col\">Pass<\/th><th scope=\"col\">N\/A<\/th><th scope=\"col\">Pending<\/th><\/tr><\/thead><tbody><tr><td>D1<\/td><td>Identity and scope<\/td><td>8<\/td><td>8<\/td><td>0<\/td><td>0<\/td><\/tr><tr><td>D2<\/td><td>Source and data<\/td><td>12<\/td><td>9<\/td><td>1<\/td><td>2<\/td><\/tr><tr><td>D3<\/td><td>Analysis and models<\/td><td>12<\/td><td>3<\/td><td>8<\/td><td>1<\/td><\/tr><tr><td>D4<\/td><td>Findings and claims<\/td><td>9<\/td><td>8<\/td><td>0<\/td><td>1<\/td><\/tr><tr><td>D5<\/td><td>Figures, tables, maps<\/td><td>10<\/td><td>6<\/td><td>2<\/td><td>2<\/td><\/tr><tr><td>D6<\/td><td>Editorial and citations<\/td><td>10<\/td><td>8<\/td><td>0<\/td><td>2<\/td><\/tr><tr><td>D7<\/td><td>Review and approval<\/td><td>13<\/td><td>0<\/td><td>0<\/td><td>13<\/td><\/tr><tr><td>D8<\/td><td>Artefact and design<\/td><td>12<\/td><td>7<\/td><td>0<\/td><td>5<\/td><\/tr><tr><td>D9<\/td><td>Registry and release<\/td><td>9<\/td><td>0<\/td><td>0<\/td><td>9<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Publication gate<\/h3><dl class=\"nrp-dl\"><dt>Conditions met<\/dt><dd>14 of 23 at evidence close<\/dd><dt>Blocking problems<\/dt><dd>none recorded<\/dd><dt>Open conditions<\/dt><dd>reviews, approval of the exact digest, deposit, registry pointer<\/dd><\/dl><\/div><div><h3 class=\"nrp-h3\">Not applicable at baseline<\/h3><dl class=\"nrp-dl\"><dt>Model runs<\/dt><dd>first runs in Q1 2027<\/dd><dt>Maps<\/dt><dd>plates in Q2 2027<\/dd><dt>Waivers<\/dt><dd>none<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Dispositions are recorded item by item in the machine-readable checklist. A FAIL on any item blocks release.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s7\" aria-labelledby=\"nx-nrp-sr-06-ca-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s7-h\"><span class=\"nrp-num\">A.7<\/span><span>Status words<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab10\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.10<\/span><span class=\"nrp-tbl-t\">The status every value carries<\/span><\/caption><thead><tr><th scope=\"col\">Status<\/th><th scope=\"col\">What it means<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"positive\" aria-hidden=\"true\"><\/span>Observed<\/span><\/td><td>Measured directly and published by the source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td>Published statistics of an official or institutional source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Declared<\/span><\/td><td>Stated by the body concerned; not independently measured.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td>A Nexus estimate from cited evidence, with its method in Annex A.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Modelled<\/span><\/td><td>Produced by a stated model from cited inputs.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><td>Reasoned from cited evidence; not measured.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Forecast<\/span><\/td><td>A projection by the cited source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Simulated<\/span><\/td><td>A simulation result under stated assumptions.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Scenario<\/span><\/td><td>A conditional statement under stated assumptions; never a prediction.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><td>Expert judgement, recorded with its basis.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Candidate<\/span><\/td><td>Proposed for a later edition; not yet evidence.<\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"2\">Evidence-quality levels (EQL 1 to 5) grade the source behind a value; they are not a score of the subject.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s8\" aria-labelledby=\"nx-nrp-sr-06-ca-s8-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s8-h\"><span class=\"nrp-num\">A.8<\/span><span>How the edition is made, released and corrected<\/span><\/h2><p class=\"nx-p\">Every edition is built from a sealed evidence cut, reviewed under three keys, signed and deposited before any site shows it as published; corrections go to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> as change proposals and feed the next cut.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Step\">01 Evidence arrives from the pillars<\/td><td data-label=\"What happens\">Foundry seals observations and indicator series, Universe hands over after-action and scenario findings, and contributions are screened at every gateway, including this site&#8217;s.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">02 The cut is sealed<\/td><td data-label=\"What happens\">On the cut date the evidence is pinned under one identifier, so anyone can rebuild the edition from exactly what it was built on.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">03 The edition is assembled<\/td><td data-label=\"What happens\">The edition is drafted from its template and content pack. Agents may draft; they never publish and never decide.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">04 The keys turn<\/td><td data-label=\"What happens\">At the publisher of record the truth key comes first: every value is checked against its source or stated method before the meaning and capital keys turn. No edition moves on until every key has been turned by a named steward.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">05 The gate opens<\/td><td data-label=\"What happens\">A named approver releases one exact digest of the edition; any change after this point is a new version, never a silent edit.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">06 Signed and deposited<\/td><td data-label=\"What happens\">The PDF, the web edition and the data bundle are signed together with a manifest and an RO-Crate description, and deposited on Zenodo with a concept and a version DOI.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">07 Published on its desk&#8217;s site<\/td><td data-label=\"What happens\">Only then does the edition show as published on its desk&#8217;s Reports site, and the Collection lists it as a part.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">08 Corrections go to Standards<\/td><td data-label=\"What happens\">Method and correction findings go to Nexus Standards as change proposals; citations, corrections and new contributions feed the next evidence cut.<\/td><td data-label=\"Source\"><\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-2\">A teaching model of the process, not a forecast and not a record of any run; dates and counts on this page come from the programme record. Sources: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/governance\/\" rel=\"noopener\">Reports governance at GCRI Canada<\/a> (2026); Zenodo, repository of record for Reports deposits (2026).<\/p><p class=\"nrp-note\">Lifecycle, one state at a time: Draft, Computed, Evidence bound, Reviewed, Approved for release, Published, Corrected, Superseded. This edition is a draft.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s9\" aria-labelledby=\"nx-nrp-sr-06-ca-s9-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s9-h\"><span class=\"nrp-num\">A.9<\/span><span>Glossary and abbreviations<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab11\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.11<\/span><span class=\"nrp-tbl-t\">Series terms<\/span><\/caption><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Meaning<\/th><\/tr><\/thead><tbody><tr><td>Baseline Edition<\/td><td>the inaugural annual edition that fixes the reference state for the series<\/td><\/tr><tr><td>WEFH+B<\/td><td>water, energy, food, health and biodiversity, the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/governance-in-operation\/national-nexus\" data-tc=\"National Nexus\" data-tk=\"Nexus Standards\" data-td=\"The national model: the NNC, the NLC and the NWG as its three participation pillars, with the National Desk, Model and Portfolio and the NSC as the standards function of the NNC (OR-13)\">national nexus<\/a> core<\/td><\/tr><tr><td>Coupling<\/td><td>a typed dependency through which one system transmits to another<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">Protection gap<\/a><\/td><td>the share of losses not covered by insurance<\/td><\/tr><tr><td>Capability ladder<\/td><td>LISTED \u2192 EXISTS \u2192 ADEQUATE \u2192 TESTED \u2192 DEMONSTRATED<\/td><\/tr><tr><td>EQL<\/td><td>evidence-quality level, 1\u20135<\/td><\/tr><tr><td>Evidence cut<\/td><td>a frozen resolution of exact sources and versions<\/td><\/tr><tr><td>NNC \u00b7 NLC \u00b7 NWG<\/td><td>National Nexus Consortium \u00b7 National Leadership Council \u00b7 National Working Groups<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab12\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.12<\/span><span class=\"nrp-tbl-t\">Abbreviations used in this edition<\/span><\/caption><thead><tr><th scope=\"col\">Abbreviation<\/th><th scope=\"col\">Expansion<\/th><\/tr><\/thead><tbody><tr><td>ARPC<\/td><td>Australian Reinsurance Pool Corporation<\/td><\/tr><tr><td>CCRIF<\/td><td>Caribbean Catastrophe Risk Insurance Facility<\/td><\/tr><tr><td>CRS<\/td><td>Congressional Research Service<\/td><\/tr><tr><td>EIOPA<\/td><td>European Insurance and Occupational Pensions Authority<\/td><\/tr><tr><td>FIO<\/td><td>Federal Insurance Office<\/td><\/tr><tr><td>IAIS<\/td><td>International Association of Insurance Supervisors<\/td><\/tr><tr><td>ISSB<\/td><td>International Sustainability Standards Board<\/td><\/tr><tr><td>NAIC<\/td><td>National Association of Insurance Commissioners<\/td><\/tr><tr><td>NFIP<\/td><td>National Flood Insurance Program<\/td><\/tr><tr><td>RMA<\/td><td>Risk Management Agency<\/td><\/tr><tr><td>SCS<\/td><td><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/hazards\/hydrometeorological-hazard-standards\/\">severe convective storm<\/a><\/td><\/tr><tr><td>UNDRR<\/td><td>United Nations Office for Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-s10\" aria-labelledby=\"nx-nrp-sr-06-ca-s10-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-s10-h\"><span class=\"nrp-num\">A.10<\/span><span>Technical annex<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-ca-tab13\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.13<\/span><span class=\"nrp-tbl-t\">Technical annex<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Annex<\/th><th scope=\"col\">Contents<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>A.1<\/td><td>Indicator definitions<\/td><td>the global indicator set, with units and sources<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.2<\/td><td>Coupling strengths<\/td><td>the twenty-cell matrix and its rationale<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.3<\/td><td>Scenario specification<\/td><td>SCN-SR06-LOSS-01 assumptions and signposts<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.4<\/td><td>Capability placements<\/td><td>rung evidence for fifteen functions<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.5<\/td><td>Model diagnostics<\/td><td>first runs and validation<\/td><td>2027<\/td><\/tr><tr><td>A.6<\/td><td>Sensitivity analyses<\/td><td>influence of coupling strengths<\/td><td>2027<\/td><\/tr><tr><td>A.7<\/td><td>Regional notes<\/td><td>regional <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> cards<\/td><td>WITH REGIONAL EDITIONS<\/td><\/tr><tr><td>A.8<\/td><td>Review statements<\/td><td>pass-by-pass review record<\/td><td>AT RELEASE<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">A.1 \u00b7 indicator definition: protection gap<\/h3><dl class=\"nrp-dl\"><dt>Construct<\/dt><dd>the part of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a> or need that is not covered by insurance or other <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 pre-arranged-finance\" data-tk=\"Nexus risk vocabulary\" data-td=\"Funds whose size, triggers and release are agreed before a shock, so money arrives quickly and predictably.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/pre-arranged-finance\/\" data-tgl=\"Global Risks Alliance glossary\">pre-arranged finance<\/a><\/dd><dt>Unit<\/dt><dd>share of economic loss, or premium equivalent in USD<\/dd><dt>Method<\/dt><dd>economic loss less <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 insured-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The part of economic loss that is covered by insurance.\" data-ts=\"NRS-C1\" data-tr=\"draft\">insured loss<\/a>, as stated by each publisher<\/dd><dt>Source<\/dt><dd>Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n3\" aria-label=\"Note 3\">3<\/a><\/sup>; Gallagher Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n4\" aria-label=\"Note 4\">4<\/a><\/sup>; Swiss Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-ca-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/dd><dt>Uncertainty<\/dt><dd>economic loss is modelled; scope and perils differ between publishers<\/dd><dt>Known limits<\/dt><dd>does not record affordability, take-up by income or the cost of public relief<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Annexes carry the same evidence, review and correction rules as the chapters and are versioned with the edition.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-ca-notes\" aria-labelledby=\"nx-nrp-sr-06-ca-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-ca-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-ca-n17\"><span class=\"nrp-notes-n\">17<\/span><span>POST-CLOSE, context only: CCRIF SPC (ed.), About us (40 members; 83 payouts and about USD 500 million paid from June 2007 to October 2026; eight parametric products). CCRIF SPC, Grand Cayman. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), report of the Swiss Re Institute sigma resilience index published in July 2024 (global <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> USD 1.83 trillion in 2023; natural catastrophe gap USD 385 billion premium equivalent; natural catastrophe resilience 25.7%; United States 39%; national values from about 5% to above 80%). The sigma report was not opened. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n23\"><span class=\"nrp-notes-n\">23<\/span><span>POST-CLOSE, context only: National Association of Insurance Commissioners (ed.), Homeowners Insurance (most mortgage lenders require homeowners coverage; Homeowners Market Data Call meetings of 14 and 16 October 2026 and a joint meeting set for 16 November 2026). NAIC, Kansas City. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Risk Reduction<\/a> 2025: Resilience Pays, cited from memory; no figure used. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r26\" aria-label=\"Back to the first call of note 26\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n13\"><span class=\"nrp-notes-n\">13<\/span><span>EIOPA (ed.), Dashboard on insurance protection gap for natural catastrophes (30 European countries; insurance coverage and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a> data from 1980 to 2024; page updated December 2025). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; protection gap 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-ca-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-ca-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-data\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-cb-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex B<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Data appendix<\/h2><p class=\"nrp-lede\">The indicator set with its sources, the source registers, the licences of every kind of material and the formats of the edition.<\/p><p class=\"nrp-chap-meta\"><span>10 min read<\/span><span>0 figures<\/span><span>8 tables<\/span><span>17 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-s1\" aria-labelledby=\"nx-nrp-sr-06-cb-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-s1-h\"><span class=\"nrp-num\">B.1<\/span><span>The indicator set<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cb-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.1<\/span><span class=\"nrp-tbl-t\">Global baseline indicator set<\/span><\/caption><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Value<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td>Global insured natural catastrophe loss, Swiss Re<\/td><td><span class=\"nrp-mono\">107<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n1\" id=\"nx-nrp-sr-06-cb-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><\/tr><tr><td>Global insured natural catastrophe loss, Munich Re<\/td><td><span class=\"nrp-mono\">108<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n2\" id=\"nx-nrp-sr-06-cb-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><\/tr><tr><td>Global insured natural catastrophe loss, Aon<\/td><td><span class=\"nrp-mono\">127<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n3\" id=\"nx-nrp-sr-06-cb-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><\/tr><tr><td>Global insured natural catastrophe loss, Gallagher Re<\/td><td><span class=\"nrp-mono\">129<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n4\" id=\"nx-nrp-sr-06-cb-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><\/tr><tr><td>Uninsured share of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a>, Aon<\/td><td><span class=\"nrp-mono\">51<\/span><\/td><td>%<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><\/tr><tr><td>Uninsured share of economic loss, Gallagher Re<\/td><td><span class=\"nrp-mono\">56<\/span><\/td><td>%<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><\/tr><tr><td>Share of insured losses from secondary perils<\/td><td><span class=\"nrp-mono\">92<\/span><\/td><td>%<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><\/tr><tr><td>Global <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a>, all perils<\/td><td><span class=\"nrp-mono\">1.83<\/span><\/td><td>USD trillion<\/td><td>2023<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n5\" id=\"nx-nrp-sr-06-cb-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><\/tr><tr><td>Natural catastrophe resilience, global<\/td><td><span class=\"nrp-mono\">25.7<\/span><\/td><td>%<\/td><td>2023<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><\/tr><tr><td>Highest-risk ZIP Code nonrenewal rate relative to lowest<\/td><td><span class=\"nrp-mono\">\u2248 80% higher<\/span><\/td><td>relative<\/td><td>2018 to 2022<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n12\" id=\"nx-nrp-sr-06-cb-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><\/tr><tr><td>California FAIR Plan exposure<\/td><td><span class=\"nrp-mono\">773<\/span><\/td><td>USD billion<\/td><td>Sep 2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n8\" id=\"nx-nrp-sr-06-cb-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>California FAIR Plan policies in force<\/td><td><span class=\"nrp-mono\">698,307<\/span><\/td><td>policies<\/td><td>Sep 2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>Florida Citizens policies<\/td><td><span class=\"nrp-mono\">439,079<\/span><\/td><td>policies<\/td><td>Nov 2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n9\" id=\"nx-nrp-sr-06-cb-r9\" aria-label=\"Note 9\">9<\/a><\/sup><\/td><\/tr><tr><td>US flood programme policies in force<\/td><td><span class=\"nrp-mono\">\u2248 4.5<\/span><\/td><td>million<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n10\" id=\"nx-nrp-sr-06-cb-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><\/tr><tr><td>Property catastrophe reinsurance rate change, risk-adjusted<\/td><td><span class=\"nrp-mono\">\u221214.7<\/span><\/td><td>%<\/td><td>Jan 2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><\/tr><tr><td>Global cyber insurance premiums<\/td><td><span class=\"nrp-mono\">\u2248 15<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n19\" id=\"nx-nrp-sr-06-cb-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-actions nrp-noprint\"><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"data:text\/csv;charset=utf-8,Indicator%2CValue%2CUnit%2CYear%2CState%2CSource%0A%22Global%20insured%20natural%20catastrophe%20loss%2C%20Swiss%20Re%22%2C107%2CUSD%20billion%2C2025%2CREPORTED%2C%5B1%5D%0A%22Global%20insured%20natural%20catastrophe%20loss%2C%20Munich%20Re%22%2C108%2CUSD%20billion%2C2025%2CREPORTED%2C%5B2%5D%0A%22Global%20insured%20natural%20catastrophe%20loss%2C%20Aon%22%2C127%2CUSD%20billion%2C2025%2CREPORTED%2C%5B3%5D%0A%22Global%20insured%20natural%20catastrophe%20loss%2C%20Gallagher%20Re%22%2C129%2CUSD%20billion%2C2025%2CREPORTED%2C%5B4%5D%0A%22Uninsured%20share%20of%20economic%20loss%2C%20Aon%22%2C51%2C%25%2C2025%2CREPORTED%2C%5B3%5D%0A%22Uninsured%20share%20of%20economic%20loss%2C%20Gallagher%20Re%22%2C56%2C%25%2C2025%2CREPORTED%2C%5B4%5D%0AShare%20of%20insured%20losses%20from%20secondary%20perils%2C92%2C%25%2C2025%2CREPORTED%2C%5B1%5D%0A%22Global%20protection%20gap%2C%20all%20perils%22%2C1.83%2CUSD%20trillion%2C2023%2CREPORTED%2C%5B5%5D%0A%22Natural%20catastrophe%20resilience%2C%20global%22%2C25.7%2C%25%2C2023%2CREPORTED%2C%5B5%5D%0AHighest-risk%20ZIP%20Code%20nonrenewal%20rate%20relative%20to%20lowest%2C%E2%89%88%2080%25%20higher%2Crelative%2C2018%20to%202022%2CREPORTED%2C%5B12%5D%0ACalifornia%20FAIR%20Plan%20exposure%2C773%2CUSD%20billion%2CSep%202026%2CREPORTED%2C%5B8%5D%0ACalifornia%20FAIR%20Plan%20policies%20in%20force%2C%22698%2C307%22%2Cpolicies%2CSep%202026%2CREPORTED%2C%5B8%5D%0AFlorida%20Citizens%20policies%2C%22439%2C079%22%2Cpolicies%2CNov%202025%2CREPORTED%2C%5B9%5D%0AUS%20flood%20programme%20policies%20in%20force%2C%E2%89%88%204.5%2Cmillion%2C2026%2CREPORTED%2C%5B10%5D%0A%22Property%20catastrophe%20reinsurance%20rate%20change%2C%20risk-adjusted%22%2C%E2%88%9214.7%2C%25%2CJan%202026%2CREPORTED%2C%5B2%5D%0AGlobal%20cyber%20insurance%20premiums%2C%E2%89%88%2015%2CUSD%20billion%2C2025%2CREPORTED%2C%5B19%5D%0A\" download=\"NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-indicators.csv\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 15V3\"\/><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><path d=\"m7 10 5 5 5-5\"\/><\/svg>Indicators, CSV<\/a><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"data:application\/json;charset=utf-8,%7B%0A%20%22edition%22%3A%20%22NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE%22%2C%0A%20%22title%22%3A%20%22Strategic%20Systems%20Report%202026%3A%20Insurance%2C%20Protection%20Gaps%20and%20Insurability%22%2C%0A%20%22status%22%3A%20%22Draft%20under%20stewardship%20review%3B%20not%20yet%20released%22%2C%0A%20%22licence%22%3A%20%22CC-BY-4.0%20for%20the%20edition%20table%3B%20each%20value%20keeps%20its%20source's%20licence%22%2C%0A%20%22columns%22%3A%20%5B%0A%20%20%22Indicator%22%2C%0A%20%20%22Value%22%2C%0A%20%20%22Unit%22%2C%0A%20%20%22Year%22%2C%0A%20%20%22State%22%2C%0A%20%20%22Source%22%0A%20%5D%2C%0A%20%22rows%22%3A%20%5B%0A%20%20%5B%0A%20%20%20%22Global%20insured%20natural%20catastrophe%20loss%2C%20Swiss%20Re%22%2C%0A%20%20%20%22107%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B1%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Global%20insured%20natural%20catastrophe%20loss%2C%20Munich%20Re%22%2C%0A%20%20%20%22108%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B2%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Global%20insured%20natural%20catastrophe%20loss%2C%20Aon%22%2C%0A%20%20%20%22127%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B3%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Global%20insured%20natural%20catastrophe%20loss%2C%20Gallagher%20Re%22%2C%0A%20%20%20%22129%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B4%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Uninsured%20share%20of%20economic%20loss%2C%20Aon%22%2C%0A%20%20%20%2251%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B3%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Uninsured%20share%20of%20economic%20loss%2C%20Gallagher%20Re%22%2C%0A%20%20%20%2256%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B4%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Share%20of%20insured%20losses%20from%20secondary%20perils%22%2C%0A%20%20%20%2292%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B1%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Global%20protection%20gap%2C%20all%20perils%22%2C%0A%20%20%20%221.83%22%2C%0A%20%20%20%22USD%20trillion%22%2C%0A%20%20%20%222023%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B5%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Natural%20catastrophe%20resilience%2C%20global%22%2C%0A%20%20%20%2225.7%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222023%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B5%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Highest-risk%20ZIP%20Code%20nonrenewal%20rate%20relative%20to%20lowest%22%2C%0A%20%20%20%22%E2%89%88%2080%25%20higher%22%2C%0A%20%20%20%22relative%22%2C%0A%20%20%20%222018%20to%202022%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B12%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22California%20FAIR%20Plan%20exposure%22%2C%0A%20%20%20%22773%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%22Sep%202026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B8%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22California%20FAIR%20Plan%20policies%20in%20force%22%2C%0A%20%20%20%22698%2C307%22%2C%0A%20%20%20%22policies%22%2C%0A%20%20%20%22Sep%202026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B8%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Florida%20Citizens%20policies%22%2C%0A%20%20%20%22439%2C079%22%2C%0A%20%20%20%22policies%22%2C%0A%20%20%20%22Nov%202025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B9%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22US%20flood%20programme%20policies%20in%20force%22%2C%0A%20%20%20%22%E2%89%88%204.5%22%2C%0A%20%20%20%22million%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B10%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Property%20catastrophe%20reinsurance%20rate%20change%2C%20risk-adjusted%22%2C%0A%20%20%20%22%E2%88%9214.7%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%22Jan%202026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B2%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Global%20cyber%20insurance%20premiums%22%2C%0A%20%20%20%22%E2%89%88%2015%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B19%5D%22%0A%20%20%5D%0A%20%5D%0A%7D\" download=\"NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-indicators.json\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 15V3\"\/><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><path d=\"m7 10 5 5 5-5\"\/><\/svg>Indicators, JSON<\/a><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NOTES<\/p><p>Values are rounded as published. The four loss estimates differ in scope and are not averaged. Values read through trade coverage are named as such in the reference list. A machine-readable copy of this table is published with the evidence bundle at release.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-s2\" aria-labelledby=\"nx-nrp-sr-06-cb-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-s2-h\"><span class=\"nrp-num\">B.2<\/span><span>Global source register<\/span><\/h2><p class=\"nrp-stand\">The governed source set behind this edition. Each source keeps its authority, coverage, cadence and role; categories describe origin, not truth.<\/p><h3 class=\"nrp-h3\">Domains bound by the register<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">FIN<\/li><li class=\"nf-ui-chip\">CLI<\/li><li class=\"nf-ui-chip\">INF<\/li><li class=\"nf-ui-chip\">DEV<\/li><li class=\"nf-ui-chip\">DAT<\/li><li class=\"nf-ui-chip\">WAT<\/li><li class=\"nf-ui-chip\">FOO<\/li><li class=\"nf-ui-chip\">HLT<\/li><li class=\"nf-ui-chip\">TRD<\/li><li class=\"nf-ui-chip\">AIC<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cb-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.3<\/span><span class=\"nrp-tbl-t\">Global source register<\/span><\/caption><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">Category<\/th><th scope=\"col\">Coverage<\/th><th scope=\"col\">Period<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Role<\/th><\/tr><\/thead><tbody><tr><td>Swiss Re sigma coverage<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td>reinsurer research arm<\/td><td>global<\/td><td>2025<\/td><td>annual<\/td><td>losses and trends<\/td><\/tr><tr><td>Munich Re loss coverage<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>reinsurer<\/td><td>global<\/td><td>2025<\/td><td>annual<\/td><td>losses and renewals<\/td><\/tr><tr><td>Aon Climate and Catastrophe Insight<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>broker<\/td><td>global<\/td><td>2025<\/td><td>annual<\/td><td>losses and gap<\/td><\/tr><tr><td>Gallagher Re report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>reinsurance broker<\/td><td>global<\/td><td>2025<\/td><td>semi-annual<\/td><td>losses and gap<\/td><\/tr><tr><td>Swiss Re resilience index<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>reinsurer research arm<\/td><td>global<\/td><td>2023<\/td><td>annual<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a><\/td><\/tr><tr><td>US Treasury FIO report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><td>national agency<\/td><td>US<\/td><td>2018 to 2022<\/td><td>one-off<\/td><td>availability and price<\/td><\/tr><tr><td>California FAIR Plan statistics<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>residual market<\/td><td>California<\/td><td>2026<\/td><td>quarterly<\/td><td>exposure<\/td><\/tr><tr><td>CRS Insight on NFIP<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td>legislative research service<\/td><td>US<\/td><td>2026<\/td><td>per change<\/td><td>flood programme<\/td><\/tr><tr><td>EIOPA dashboard<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n13\" id=\"nx-nrp-sr-06-cb-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><td>EU agency<\/td><td>Europe<\/td><td>1980 to 2024<\/td><td>annual<\/td><td>protection gap<\/td><\/tr><tr><td>CCRIF snapshot<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n48\" id=\"nx-nrp-sr-06-cb-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/td><td>parametric facility<\/td><td>Caribbean, Central America<\/td><td>2007 to 2025<\/td><td>per event<\/td><td>payouts<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">FIXTURE PROHIBITION<\/p><p>No demonstration or reference-cartographic fixture is used as evidence in this edition. The publication gate checks every binding against this register.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-s3\" aria-labelledby=\"nx-nrp-sr-06-cb-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-s3-h\"><span class=\"nrp-num\">B.3<\/span><span>Regional reading, ten regional clusters<\/span><\/h2><p class=\"nrp-stand\">Map plates follow with the regional Baseline Editions, when boundary sources and public-safe resolutions are bound. This page gives the regional reading in table form and ranks no region.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cb-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.4<\/span><span class=\"nrp-tbl-t\">Regional reading, ten regional clusters<\/span><\/caption><thead><tr><th scope=\"col\">Region<\/th><th scope=\"col\">Principal hazards<\/th><th scope=\"col\">Systems most exposed<\/th><th scope=\"col\">Baseline evidence<\/th><\/tr><\/thead><tbody><tr><td>North America<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm losses; residual markets; flood scheme<\/td><td>property, flood<\/td><td>FAIR Plan<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup>; CRS<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n10\" aria-label=\"Note 10\">10<\/a><\/sup>; Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><\/tr><tr><td>South America<\/td><td>low take-up; flood<\/td><td>property, crop<\/td><td>regional statistics (not bound)<\/td><\/tr><tr><td>Europe<\/td><td>public-private schemes; EU proposals; flood<\/td><td>property, flood<\/td><td>EIOPA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n14\" id=\"nx-nrp-sr-06-cb-r14\" aria-label=\"Note 14\">14<\/a><\/sup>; Flood Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n16\" id=\"nx-nrp-sr-06-cb-r16\" aria-label=\"Note 16\">16<\/a><\/sup><\/td><\/tr><tr><td>Eurasia<\/td><td>conflict loss; limited market data<\/td><td>property<\/td><td>regional statistics (not bound)<\/td><\/tr><tr><td>Middle East and North Africa<\/td><td>limited market data<\/td><td>property<\/td><td>regional statistics (not bound)<\/td><\/tr><tr><td>Africa<\/td><td>less than a fifth of losses insured in 2025<\/td><td>property, crop, parametric<\/td><td>Munich Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n2\" aria-label=\"Note 2\">2<\/a><\/sup>; ARC<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n36\" id=\"nx-nrp-sr-06-cb-r36\" aria-label=\"Note 36\">36<\/a><\/sup><\/td><\/tr><tr><td>South Asia<\/td><td>flood and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">cyclone<\/a> loss; low take-up<\/td><td>property, crop<\/td><td>Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup>; GAR 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n26\" id=\"nx-nrp-sr-06-cb-r26\" aria-label=\"Note 26\">26<\/a><\/sup><\/td><\/tr><tr><td>East Asia<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/geophysical-hazard-standards\/\" data-tc=\"NHS-1 geo.seismic.earthquake\" data-tk=\"Solid Earth \u00b7 Fault shaking and rupture\" data-td=\"Sudden slip on a fault releasing seismic waves that shake the ground and damage structures and lifelines.\" data-ts=\"NRS-H17\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/geo\/\" data-txl=\"Solid Earth\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">earthquake<\/a> and typhoon exposure<\/td><td>property<\/td><td>Swiss Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><\/tr><tr><td>ASEAN<\/td><td>flood loss; low take-up<\/td><td>property<\/td><td>Aon<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup>; Swiss Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><\/tr><tr><td>Oceania-Pacific<\/td><td>cyclone pool in Australia; island exposure<\/td><td>property, parametric<\/td><td>ARPC<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n18\" id=\"nx-nrp-sr-06-cb-r18\" aria-label=\"Note 18\">18<\/a><\/sup>; Munich Re<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">MAP PLATES WITH THE REGIONAL EDITIONS<\/p><p>Each plate will carry its boundary source and version, projection, resolution, classification, uncertainty encoding and public-safe transform, with text and table alternatives.<\/p><\/aside><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Regional readings summarise the cited evidence. They are not risk ratings of any region or country.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-s4\" aria-labelledby=\"nx-nrp-sr-06-cb-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-s4-h\"><span class=\"nrp-num\">B.4<\/span><span>Regional card: California residual market<\/span><\/h2><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">region<\/li><li class=\"nf-ui-chip\">residual market<\/li><li class=\"nf-ui-chip\">wildfire<\/li><li class=\"nf-ui-chip\">availability<\/li><\/ul><dl class=\"nrp-dl\"><dt>Systems in view<\/dt><dd>homeowners cover, residual market, reinsurance<\/dd><dt>Defining events<\/dt><dd>Los Angeles wildfires of January 2025, USD 40 billion insured<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/dd><dt>Couplings<\/dt><dd>CLI \u2192 FIN; FIN \u2192 FIN<\/dd><dt>Capability evidence<\/dt><dd>residual market operating and growing<sup class=\"nrp-fn\"><a href=\"#nx-nrp-sr-06-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/dd><dt>Gaps<\/dt><dd>recovery path of the scheme; assessment data<\/dd><dt>Agenda items<\/dt><dd>P-03 \u00b7 P-04<\/dd><\/dl><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">The FAIR Plan held USD 773 billion of exposure and 698,307 policies in September 2026 [8].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EXPOSURE<\/h3><p>Growth of the scheme<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Swiss Re calls the Los Angeles wildfires the largest insured wildfire loss on sigma records [1].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">LOSS<\/h3><p>A record wildfire loss<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">US-wide, nonrenewal rates were about 80% higher in the highest-risk ZIP Codes [12].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">AVAILABILITY<\/h3><p>Nonrenewal in high-risk areas<\/p><\/article><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Regional cards are generated with the regional Baseline Editions. The California card is shown first because its residual market series is published.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-s5\" aria-labelledby=\"nx-nrp-sr-06-cb-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-s5-h\"><span class=\"nrp-num\">B.5<\/span><span>How countries appear in the global edition<\/span><\/h2><p class=\"nrp-stand\">Countries enter the insurance edition through the insurance chapters of their own national editions, on one card grammar. They are read against peer distributions and thresholds, never placed in a league table.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cb-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.5<\/span><span class=\"nrp-tbl-t\">How countries appear in the global edition<\/span><\/caption><thead><tr><th scope=\"col\">Card field<\/th><th scope=\"col\">What it shows<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td>WEFH+B state<\/td><td>each core system against peer distribution bands<\/td><td>national edition<\/td><\/tr><tr><td>Couplings<\/td><td>the national dependency matrix<\/td><td>national edition<\/td><\/tr><tr><td>Risk objects<\/td><td>the national risk portfolio<\/td><td>national edition<\/td><\/tr><tr><td>Capability rungs<\/td><td>the national capability ladder<\/td><td>national edition<\/td><\/tr><tr><td>Evidence age<\/td><td>oldest and newest source dates<\/td><td>national source register<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Editions in the 2026 Baseline programme<\/h3><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">26<\/span><span class=\"nrp-cell-u\">national<\/span><p>countries and unions<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">10<\/span><span class=\"nrp-cell-u\">regional<\/span><p>clusters<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">16<\/span><span class=\"nrp-cell-u\">global<\/span><p>flagship and sector<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">14<\/span><span class=\"nrp-cell-u\">strategic<\/span><p><a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> reports<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">20<\/span><span class=\"nrp-cell-u\">frontier<\/span><p>technology reports<\/p><\/div><\/div><h3 class=\"nrp-h3\">How to read a country card<\/h3><ul class=\"nrp-list\"><li>Each system is shown against the distribution of its peers, with thresholds where they exist<\/li><li>Couplings and risk objects come from the country\u2019s own national edition<\/li><li>Capability rungs record evidence, not a judgement of institutions<\/li><li>Evidence age is printed, so older national data are visible as such<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cb-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.6<\/span><span class=\"nrp-tbl-t\">National Baseline Editions in the 2026 programme<\/span><\/caption><thead><tr><th scope=\"col\">Wave<\/th><th scope=\"col\">Countries and unions<\/th><th scope=\"col\">State<\/th><\/tr><\/thead><tbody><tr><td>W0<\/td><td>Canada<\/td><td>ISSUED<\/td><\/tr><tr><td>W1<\/td><td>United States, United Kingdom, France, Germany, Italy, Japan, European Union, Switzerland<\/td><td>PLANNED<\/td><\/tr><tr><td>W2<\/td><td>Mexico, Brazil, Argentina, T\u00fcrkiye, Russian Federation, Saudi Arabia, United Arab Emirates, South Africa, Senegal, Kenya, African Union, India, China, Republic of Korea, Indonesia, Singapore, Australia<\/td><td>PLANNED<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>External rankings, where cited, keep their own method and source. Nexus never converts them into a rating, and each country\u2019s ownership of its national edition is unaffected by its appearance here.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-s6\" aria-labelledby=\"nx-nrp-sr-06-cb-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-s6-h\"><span class=\"nrp-num\">B.6<\/span><span>Licences<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cb-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.7<\/span><span class=\"nrp-tbl-t\">Licences of each kind of material<\/span><\/caption><thead><tr><th scope=\"col\">Material<\/th><th scope=\"col\">Licence<\/th><\/tr><\/thead><tbody><tr><td>Text<\/td><td>CC BY 4.0<\/td><\/tr><tr><td>Data<\/td><td>on the licence of each source; Nexus tables CC BY 4.0<\/td><\/tr><tr><td>Figures<\/td><td>Nexus figures CC BY 4.0; third-party as credited<\/td><\/tr><tr><td>Maps<\/td><td>boundary source and licence printed on each plate<\/td><\/tr><tr><td>Metadata<\/td><td>CC0 1.0, as Zenodo publishes it<\/td><\/tr><tr><td>Third-party data, figures and text<\/td><td>The source&#8217;s own licence, credited where it is used; never relicensed<\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"2\">Nexus-authored text, tables and figures: CC BY 4.0 (SPDX CC-BY-4.0). Map plates print their boundary source and licence.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-s7\" aria-labelledby=\"nx-nrp-sr-06-cb-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-s7-h\"><span class=\"nrp-num\">B.7<\/span><span>Formats and provenance<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cb-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.8<\/span><span class=\"nrp-tbl-t\">This edition in every format<\/span><\/caption><thead><tr><th scope=\"col\">Format<\/th><th scope=\"col\">Kind<\/th><th scope=\"col\">State<\/th><th scope=\"col\">What it is<\/th><th scope=\"col\">Identifier<\/th><\/tr><\/thead><tbody><tr><td>Web edition<\/td><td><span class=\"nrp-mono\">HTML<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>Draft in stewardship review; every value resolves to its source.<\/td><td><span class=\"nrp-mono\">NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-v1.0.0<\/span><\/td><\/tr><tr><td>Print edition<\/td><td><span class=\"nrp-mono\">PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"release\">At release<\/span><\/td><td>A4 portrait \u00b7 screen, print and archival PDF, signed with the web edition at release.<\/td><td><span class=\"nrp-mono\">NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-v1.0.0<\/span><\/td><\/tr><tr><td>Indicator data<\/td><td><span class=\"nrp-mono\">CSV \u00b7 JSON<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>16 indicators with unit, year, status and source; the machine-readable copy ships with the evidence bundle at release.<\/td><td><span class=\"nrp-mono\">NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE data release v1<\/span><\/td><\/tr><tr><td>Figures<\/td><td><span class=\"nrp-mono\">SVG \u00b7 PNG<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>4 on the web edition: headline figure, figure 1.3, coupling instrument, capability ladder.<\/td><td><span class=\"nrp-mono\">FIG-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-*<\/span><\/td><\/tr><tr><td>Slides<\/td><td><span class=\"nrp-mono\">PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"none\">Not recorded<\/span><\/td><td>No slide deck is recorded for this edition.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><tr><td>Evidence brief<\/td><td><span class=\"nrp-mono\">HTML \u00b7 PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"none\">Not recorded<\/span><\/td><td>No evidence brief is recorded for this edition.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><tr><td>Dataset with DOI<\/td><td><span class=\"nrp-mono\">DataCite<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"release\">At release<\/span><\/td><td>Concept and version DOI are minted at deposit; none is recorded yet.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Provenance<\/h3><dl class=\"nrp-dl\"><dt>Edition pack<\/dt><dd>The edition&#8217;s content pack (JSON), from which the print and web editions are built<\/dd><dt>Evidence cut<\/dt><dd>DC-STRATEGIC-INSURANCE-GLOBAL-2026-B0, closed 30 September 2026<\/dd><dt>Reproducibility<\/dt><dd>sourced values cited; analytical values reproducible from stated parameters<\/dd><dt>Self-check<\/dt><dd>14 of 23 at evidence close; a fail on any item blocks release<\/dd><dt>Review<\/dt><dd>five passes scheduled before release (in Annex C)<\/dd><dt>Publisher of record<\/dt><dd>GCRI for the Nexus Consortium<\/dd><dt>Corrections<\/dt><dd>Registry correction pathway; upheld corrections are published as notices with a new version<\/dd><\/dl><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cb-notes\" aria-labelledby=\"nx-nrp-sr-06-cb-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cb-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-cb-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), report of the Swiss Re Institute sigma resilience index published in July 2024 (global protection gap USD 1.83 trillion in 2023; natural catastrophe gap USD 385 billion premium equivalent; natural catastrophe resilience 25.7%; United States 39%; national values from about 5% to above 80%). The sigma report was not opened. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r9\" aria-label=\"Back to the first call of note 9\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n13\"><span class=\"nrp-notes-n\">13<\/span><span>EIOPA (ed.), Dashboard on insurance protection gap for natural catastrophes (30 European countries; insurance coverage and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a> data from 1980 to 2024; page updated December 2025). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n48\"><span class=\"nrp-notes-n\">48<\/span><span>CCRIF SPC (ed.), CCRIF in a Snapshot, brief revised April 2025 (78 payouts totalling about USD 390 million between June 2007 and April 2025; 30 members as of June 2024). The PDF was opened and its text read. CCRIF SPC, Grand Cayman. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n14\"><span class=\"nrp-notes-n\">14<\/span><span>EIOPA and ECB (eds.), Towards a European system for natural catastrophe risk management (publication page; 18 December 2024; proposes an EU public-private reinsurance scheme and an EU fund for public disaster financing). EIOPA, Frankfurt. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Flood Re (ed.), About us (reinsurance scheme for affordable flood cover in home insurance; planned to run until 2039). Flood Re, London. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: African <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-capacity\" data-tk=\"Nexus risk vocabulary\" data-td=\"The maximum risk an actor can bear without breaching its constraints, such as solvency or survival.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/risksacademy.com\/glossary\/risk-capacity\/\" data-tgl=\"Risk Academy glossary\">Risk Capacity<\/a> (ed.), African Union specialised agency for parametric drought, flood and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">cyclone<\/a> cover, cited from memory; no figure used. African Risk Capacity, Johannesburg. Observation year 2012. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r36\" aria-label=\"Back to the first call of note 36\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster Risk Reduction 2025: Resilience Pays, cited from memory; no figure used. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r26\" aria-label=\"Back to the first call of note 26\">back<\/a><\/span><\/li><li id=\"nx-nrp-sr-06-cb-n18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), Cyclone Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-sr-06-cb-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-sr-06-part-references\"><header class=\"nrp-chap-head\" id=\"nx-nrp-sr-06-cc-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\">Insurance, Protection Gaps and Insurability 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex C<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">References and record<\/h2><p class=\"nrp-lede\">Every source the edition rests on, the publication record, the corrections log and the open record.<\/p><p class=\"nrp-chap-meta\"><span>15 min read<\/span><span>0 figures<\/span><span>1 table<\/span><span>0 notes<\/span><span>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cc-s1\" aria-labelledby=\"nx-nrp-sr-06-cc-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cc-s1-h\"><span class=\"nrp-num\">C.1<\/span><span>48 sources<\/span><\/h2><p class=\"nrp-stand\">NR-CIT-1, editor first. A DOI is linked where the source has one; Nexus records carry a <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/uni\/\" data-tc=\"UNI\" data-tk=\"Nexus Standards\" data-td=\"The universal identifier of every Nexus artifact (NS-1)\">UNI<\/a> once the catalogue allocates it (NS-1).<\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-sr-06-ref-1\"><span class=\"nrp-notes-n\">1<\/span><span>Insurance Journal and Reinsurance News (eds.), reports of Swiss Re Institute, sigma 1\/2026, Natural catastrophes in 2025: the persistent rise of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/hazards\/wildfire-and-vegetation-fire-standards\/\" data-tc=\"NHS-1 eco.wildfire.wildfire\" data-tk=\"Land and ecosystems \u00b7 Vegetation and peat fire\" data-td=\"An uncontrolled fire in forest, scrub or grass that burns structures, crops and habitat and fills the air with smoke.\" data-ts=\"NRS-H24\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/eco\/\" data-txl=\"Land and ecosystems\">wildfire<\/a> and storm risk (insured losses USD 107 billion; economic losses USD 220 billion; 92% from secondary perils; Los Angeles wildfires USD 40 billion; trend 5% to 7% a year; 2026 normal level USD 148 billion and peak scenario about USD 320 billion), articles of March 2026. The sigma report itself was not opened; the Swiss Re page returned an access error. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 5, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-2\"><span class=\"nrp-notes-n\">2<\/span><span>Insurance Journal, Insurance Business and Reinsurance News (eds.), reports of Munich Re, natural disaster losses in 2025, 13 January 2026 (overall losses about USD 224 billion; insured about USD 108 billion; Asia-Pacific about USD 73 billion overall and USD 9 billion insured; Africa about USD 3 billion; January 2026 reinsurance rates down 14.7%). One article printed USD 244 billion for overall losses, a typographical conflict with USD 224 billion elsewhere. The Munich Re release was not opened. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 5, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-3\"><span class=\"nrp-notes-n\">3<\/span><span>Aon (ed.), 2026 Climate and Catastrophe Insight (page read to character 100,000 of 220,843: economic losses USD 260 billion; insured losses USD 127 billion; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">protection gap<\/a> 51%, a record low). Aon, London. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-4\"><span class=\"nrp-notes-n\">4<\/span><span>Reinsurance News (ed.), report of Gallagher Re, Natural Catastrophe and Climate Report, full year 2025 (insured losses USD 129 billion; economic losses USD 296 billion; protection gap 56% or USD 167 billion; United States USD 100 billion or 78%). The Gallagher Re report was not opened. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-5\"><span class=\"nrp-notes-n\">5<\/span><span>Artemis (ed.), report of the Swiss Re Institute sigma resilience index published in July 2024 (global protection gap USD 1.83 trillion in 2023; natural catastrophe gap USD 385 billion premium equivalent; natural catastrophe resilience 25.7%; United States 39%; national values from about 5% to above 80%). The sigma report was not opened. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 3, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-6\"><span class=\"nrp-notes-n\">6<\/span><span>Risk and Insurance (ed.), report of Swiss Re Institute, World insurance in 2026: shock absorbers in a fragmenting world, July 2026 (real premium growth 3.9% in 2025, 1.3% in 2026 and 1.6% in 2027). The sigma report was not opened. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-7\"><span class=\"nrp-notes-n\">7<\/span><span>Artemis (ed.), report of Swiss Re Institute insurance market outlook, July 2025 (inflation-adjusted natural catastrophe exposure growth of 5% to 7% a year, faster than premiums). The outlook itself was not opened. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 1, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-8\"><span class=\"nrp-notes-n\">8<\/span><span>California FAIR Plan Association (ed.), Key Statistics and Data (September 2026: 698,307 policies in force; exposure USD 773 billion; written premium USD 2.04 billion; policies up 157% and exposure up 252% since September 2022). California FAIR Plan Association, Los Angeles. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-9\"><span class=\"nrp-notes-n\">9<\/span><span>News Service of Florida (ed.), report on Florida Citizens Property Insurance Corporation policy counts, 25 November 2025 (439,079 policies; peak of about 1.4 million in September 2023). Read through a television station republication. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-10\"><span class=\"nrp-notes-n\">10<\/span><span>Congressional Research Service (ed.), What Happens If the National Flood Insurance Program (NFIP) Lapses?, Insight IN10835, version of 11 September 2026 (authorised to 11 December 2026; 36 short-term reauthorisations since FY2017; lapses 1 October to 12 November 2025 and 1 to 3 February 2026; borrowing limit USD 30.425 billion; nearly 4.5 million policies; almost USD 1.3 trillion coverage). Library of Congress, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-11\"><span class=\"nrp-notes-n\">11<\/span><span>FEMA (ed.), FloodSmart (most homeowners insurance does not cover flood damage; almost one third of NFIP claims come from outside high-risk flood areas, stated as 29%). Federal Emergency Management Agency, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 1, chapter 2, chapter 3, chapter 4, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-12\"><span class=\"nrp-notes-n\">12<\/span><span>US Department of the Treasury, Federal Insurance Office (ed.), Homeowners insurance report, press release of 16 January 2025 (more than 330 insurers; 246 million policies; 2018 to 2022; ZIP Code level; nonrenewal rates about 80% higher in the highest-risk ZIP Codes). The report itself was not opened. Observation year 2022. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-13\"><span class=\"nrp-notes-n\">13<\/span><span>EIOPA (ed.), Dashboard on insurance protection gap for natural catastrophes (30 European countries; insurance coverage and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 economic-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The monetary value of destroyed assets and lost flows of output and income resulting from an event.\" data-ts=\"NRS-C1\" data-tr=\"draft\">economic loss<\/a> data from 1980 to 2024; page updated December 2025). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-14\"><span class=\"nrp-notes-n\">14<\/span><span>EIOPA and ECB (eds.), Towards a European system for natural catastrophe risk management (publication page; 18 December 2024; proposes an EU public-private reinsurance scheme and an EU fund for public disaster financing). EIOPA, Frankfurt. Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-15\"><span class=\"nrp-notes-n\">15<\/span><span>European Central Bank and Banque de France (eds.), press release on the ECB and EIOPA proposal for a European approach to natural catastrophes (18 December 2024; page updated 24 September 2026). Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-16\"><span class=\"nrp-notes-n\">16<\/span><span>Flood Re (ed.), About us (reinsurance scheme for affordable flood cover in home insurance; planned to run until 2039). Flood Re, London. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-17\"><span class=\"nrp-notes-n\">17<\/span><span>POST-CLOSE, context only: CCRIF SPC (ed.), About us (40 members; 83 payouts and about USD 500 million paid from June 2007 to October 2026; eight parametric products). CCRIF SPC, Grand Cayman. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-18\"><span class=\"nrp-notes-n\">18<\/span><span>Australian Reinsurance Pool Corporation (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h2\" data-tc=\"NHS-1 atmo.cyclone.tropical-cyclone\" data-tk=\"Atmosphere and weather \u00b7 Cyclonic storm systems\" data-td=\"A warm-core rotating storm over tropical oceans whose winds, rain and surge threaten coasts and inland river basins.\" data-ts=\"NRS-H2\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\" data-ta=\"https:\/\/risksacademy.com\/courses\/disaster-risk-reduction\/\" data-tal=\"Disaster Risk Reduction\">Cyclone<\/a> Reinsurance Pool (commenced 1 July 2022; annually reinstated government guarantee of 10 billion, stated as dollars and read here as Australian dollars; mitigation discounts; cost-neutral to government over the longer term). ARPC, Canberra. Observation year 2022. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-19\"><span class=\"nrp-notes-n\">19<\/span><span>Munich Re (ed.), Global Cyber Risk and Insurance Survey 2026 (premium volume nearly USD 15 billion in 2025; about USD 28 billion forecast for 2030; over 9,500 respondents in 20 countries). Munich Re, Munich. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-20\"><span class=\"nrp-notes-n\">20<\/span><span>UNEP Finance Initiative (ed.), Principles for Sustainable Insurance (launched 2012; close to 300 members). United Nations Environment Programme, Geneva. Observation year 2012. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-21\"><span class=\"nrp-notes-n\">21<\/span><span>IFRS Foundation (ed.), IFRS S2 Climate-related Disclosures (issued June 2023; effective for periods from 1 January 2024; amendments to greenhouse gas emissions disclosures issued December 2025). ISSB, London. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-22\"><span class=\"nrp-notes-n\">22<\/span><span>EIOPA (ed.), Solvency II (Directive (EU) 2025\/2 amends the framework; new rules apply from 30 January 2027). European Insurance and Occupational Pensions Authority, Frankfurt. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-23\"><span class=\"nrp-notes-n\">23<\/span><span>POST-CLOSE, context only: National Association of Insurance Commissioners (ed.), Homeowners Insurance (most mortgage lenders require homeowners coverage; Homeowners Market Data Call meetings of 14 and 16 October 2026 and a joint meeting set for 16 November 2026). NAIC, Kansas City. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-24\"><span class=\"nrp-notes-n\">24<\/span><span>USDA Risk Management Agency (ed.), About RMA (created 1996; supports the private insurers that sell federal crop insurance). US Department of Agriculture, Washington. Observation year 1996. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-25\"><span class=\"nrp-notes-n\">25<\/span><span>Global Shield against Climate Risks (ed.), About (a financing structure for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 pre-arranged-finance\" data-tk=\"Nexus risk vocabulary\" data-td=\"Funds whose size, triggers and release are agreed before a shock, so money arrives quickly and predictably.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/pre-arranged-finance\/\" data-tgl=\"Global Risks Alliance glossary\">pre-arranged finance<\/a> against disasters; Solutions Platform, Financing Facility and V20 multi-donor fund). Global Shield Secretariat. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), Global Assessment Report on Disaster Risk Reduction 2025: Resilience Pays, cited from memory; no figure used. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: IPCC, Climate Change 2022: Impacts, Adaptation and Vulnerability, Working Group II contribution to the Sixth Assessment Report, cited from memory; no figure used; the IPCC page returned an access error. Cambridge University Press. Observation year 2022. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: UNDRR (ed.), <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/hazards\/sendai-framework-alignment\/\">Sendai Framework<\/a> for Disaster Risk Reduction 2015 to 2030, cited from memory; the monitoring host was not reachable. United Nations Office for Disaster Risk Reduction, Geneva. Observation year 2015. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: IAIS (ed.), Insurance Core Principles, Standards, Guidance and Assessment Methodology, adopted November 2019, cited from memory. International Association of Insurance Supervisors, Basel. Observation year 2019. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: IAIS (ed.), Application Paper on the Supervision of Climate-related Risks in the Insurance Sector, May 2021, cited from memory. International Association of Insurance Supervisors, Basel. Observation year 2021. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: ISO 31000:2018, Risk management: guidelines. International Organization for Standardization, Geneva. Observation year 2018. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-32\"><span class=\"nrp-notes-n\">32<\/span><span>UNVERIFIED, not opened: Pool Re (ed.), terrorism reinsurance pool of the United Kingdom, cited from memory; no figure used; the Pool Re page returned an access error. Pool Reinsurance Company, London. Observation year 1993. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-33\"><span class=\"nrp-notes-n\">33<\/span><span>UNVERIFIED, not opened: Terrorism Risk Insurance Act of 2002, Public Law 107-297, cited from memory; no figure used. United States Congress, Washington. Observation year 2002. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-34\"><span class=\"nrp-notes-n\">34<\/span><span>UNVERIFIED, not opened: National Flood Insurance Act of 1968, Title XIII of the Housing and Urban Development Act of 1968, cited from memory; no figure used. United States Congress, Washington. Observation year 1968. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: Insurance Development Forum (ed.), public-private partnership of the insurance industry, the United Nations and multilateral bodies, cited from memory; the page returned no content and no figure is used. Observation year 2016. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: African Risk Capacity (ed.), African Union specialised agency for parametric drought, flood and cyclone cover, cited from memory; no figure used. African Risk Capacity, Johannesburg. Observation year 2012. Accessed 2026-11-03.<\/span><\/li><li id=\"nx-nrp-sr-06-ref-37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: World Bank (ed.), Disaster Risk Finance and Insurance, topic page, cited from memory; the page returned navigation only and no figure is used. World Bank, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Arrow, K.J., Uncertainty and the welfare economics of medical care, American Economic Review 53(5), 941 to 973, 1963, cited from memory. Observation year 1963. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Akerlof, G.A., The market for lemons: quality uncertainty and the market mechanism, Quarterly Journal of Economics 84(3), 488 to 500, 1970, cited from memory. Observation year 1970. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: Rothschild, M. and Stiglitz, J., Equilibrium in competitive insurance markets: an essay on the economics of imperfect information, Quarterly Journal of Economics 90(4), 629 to 649, 1976, cited from memory. Observation year 1976. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: Kunreuther, H. and Pauly, M., Neglecting disaster: why don\u2019t people insure against large losses?, Journal of Risk and Uncertainty 28(1), 5 to 21, 2004, cited from memory. Observation year 2004. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-42\"><span class=\"nrp-notes-n\">42<\/span><span>UNVERIFIED, not opened: Kousky, C. and Cooke, R., Explaining the failure to insure catastrophic risks, Geneva Papers on Risk and Insurance 37, 206 to 227, 2012, cited from memory. Observation year 2012. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-43\"><span class=\"nrp-notes-n\">43<\/span><span>UNVERIFIED, not opened: Froot, K.A., The market for catastrophe risk: a clinical examination, Journal of Financial Economics 60, 529 to 571, 2001, cited from memory. Observation year 2001. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-44\"><span class=\"nrp-notes-n\">44<\/span><span>UNVERIFIED, not opened: Michel-Kerjan, E.O., Catastrophe economics: the National Flood Insurance Program, Journal of Economic Perspectives 24(4), 165 to 186, 2010, cited from memory. Observation year 2010. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-45\"><span class=\"nrp-notes-n\">45<\/span><span>UNVERIFIED, not opened: Cummins, J.D. and Trainar, P., Securitization, insurance, and reinsurance, Journal of Risk and Insurance 76(3), 463 to 492, 2009, cited from memory. Observation year 2009. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-46\"><span class=\"nrp-notes-n\">46<\/span><span>UNVERIFIED, not opened: Ben-Shahar, O. and Logue, K.D., Outsourcing regulation: how insurance reduces moral hazard, Michigan Law Review 111(2), 197 to 248, 2012, cited from memory. Observation year 2012. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-47\"><span class=\"nrp-notes-n\">47<\/span><span>UNVERIFIED, not opened: Zscheischler, J. et al., Future climate risk from compound events, Nature Climate Change 8, 469 to 477, 2018, cited from memory. Springer Nature. Observation year 2018. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-sr-06-ref-48\"><span class=\"nrp-notes-n\">48<\/span><span>CCRIF SPC (ed.), CCRIF in a Snapshot, brief revised April 2025 (78 payouts totalling about USD 390 million between June 2007 and April 2025; 30 members as of June 2024). The PDF was opened and its text read. CCRIF SPC, Grand Cayman. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 3, chapter 4, chapter 6<\/span><\/span><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cc-s2\" aria-labelledby=\"nx-nrp-sr-06-cc-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cc-s2-h\"><span class=\"nrp-num\">C.2<\/span><span>Publication record<\/span><\/h2><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Publication<\/h3><dl class=\"nrp-dl\"><dt>Title<\/dt><dd>Strategic <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> Report 2026: Insurance, Protection Gaps and Insurability, Baseline Edition<\/dd><dt>Series<\/dt><dd>Reports \u00b7 Strategic Systems Series SR-06<\/dd><dt>Edition<\/dt><dd>Baseline Edition 2026 \u00b7 inaugural annual<\/dd><dt>Version<\/dt><dd>v1.0.0 \u00b7 draft for stewardship review<\/dd><dt>Publication ID<\/dt><dd>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-v1.0.0<\/dd><dt>Evidence close<\/dt><dd>30 September 2026<\/dd><dt>Publication date<\/dt><dd>October 2026<\/dd><dt>DOI<\/dt><dd>concept and version DOI at deposit<\/dd><\/dl><\/div><div><h3 class=\"nrp-h3\">Publisher<\/h3><dl class=\"nrp-dl\"><dt>Publisher of record<\/dt><dd>The Global Centre for Risk and Innovation (GCRI), for the Nexus Consortium<\/dd><dt>Place<\/dt><dd>Toronto<\/dd><dt>Editor<\/dt><dd>Saeed Valadbaygi, Chief Steward and Managing Editor<\/dd><dt>Stewards<\/dt><dd>GCRI \u00b7 technical truth \u00b7 GRF \u00b7 public meaning \u00b7 GRA \u00b7 capital meaning<\/dd><dt>Licence<\/dt><dd>text CC BY 4.0; data on the terms of each source<\/dd><dt>Copyright<\/dt><dd>\u00a9 2026 GCRI \u00b7 Nexus Consortium<\/dd><dt>Language<\/dt><dd>English (en-GB) source edition<\/dd><dt>Correspondence<\/dt><dd>Registry correction pathway \u00b7 editorial office<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">DISCLAIMER<\/p><p>This edition is published for research, planning and public understanding. It is not a government assessment, an official warning, a rating, a certification, investment advice or an operational authorisation. Reasonable care has been taken with every source; consult the cited originals before relying on any value.<\/p><\/aside><h3 class=\"nrp-h3\">Colophon<\/h3><dl class=\"nrp-dl\"><dt>Format<\/dt><dd>A4 portrait \u00b7 screen, print and archival PDF<\/dd><dt>Typefaces<\/dt><dd>Space Grotesk (display) \u00b7 Geist (text) \u00b7 IBM Plex Sans Italic (standfirsts) \u00b7 IBM Plex Mono (data)<\/dd><dt>Design standard<\/dt><dd>Reports Foundational Edition, Volume I, Part VII<\/dd><dt>Accessibility<\/dt><dd>tagged PDF and HTML targets; text alternatives for every figure<\/dd><dt>Production<\/dt><dd>Reports editorial team, GCRI<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">HOW TO CORRECT THIS EDITION<\/p><p>Report errors, omissions or objections through the Registry correction pathway. Each report is logged and answered; upheld corrections are published as notices with a new version, and the original remains resolvable.<\/p><\/aside><h3 class=\"nrp-h3\">Release path for this version<\/h3><div class=\"nrp-tblw\" id=\"nx-nrp-sr-06-cc-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table C.1<\/span><span class=\"nrp-tbl-t\">Release path for this version<\/span><\/caption><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">When<\/th><\/tr><\/thead><tbody><tr><td>Draft<\/td><td>editorial self-check complete at evidence close<\/td><td>October 2026<\/td><\/tr><tr><td>Steward review<\/td><td>five passes on the exact draft (keys T \u00b7 M \u00b7 F \u00b7 N)<\/td><td>Q4 2026<\/td><\/tr><tr><td>Approval<\/td><td>publication authority approves the exact digest<\/td><td>before release<\/td><\/tr><tr><td>Deposit<\/td><td>concept and version DOI minted; registry pointer set<\/td><td>at release<\/td><\/tr><tr><td>Succession<\/td><td>the 2027 insurance and protection gaps edition reports changes against this baseline<\/td><td>2027<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><dl class=\"nrp-dl\"><dt>Current version<\/dt><dd>v1.0.0 draft, stewardship review<\/dd><dt>Previous edition<\/dt><dd>none, first edition of the series<\/dd><dt>Next edition<\/dt><dd>NR-STRATEGIC-INSURANCE-GLOBAL-2027-v1.0.0<\/dd><\/dl><\/div><div><dl class=\"nrp-dl\"><dt>Latest version<\/dt><dd>resolve the concept DOI or the registry record<\/dd><dt>Correction route<\/dt><dd>Registry correction pathway<\/dd><dt>Notice types<\/dt><dd>erratum \u00b7 addendum \u00b7 supersession \u00b7 withdrawal<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NO CORRECTIONS \u2260 NO LIMITS<\/p><p>The absence of corrections does not mean the absence of limitations. Limitations and uncertainty are stated where they arise in the edition.<\/p><\/aside><\/section><div id=\"nx-nr-sr-06-corrections\"><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cc-s3\" aria-labelledby=\"nx-nrp-sr-06-cc-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cc-s3-h\"><span class=\"nrp-num\">C.3<\/span><span>Corrections log<\/span><\/h2><div class=\"nx-nr-corr\"><p class=\"nx-nr-corr-sum\"><span class=\"nx-nr-corr-n\">0<\/span><span>correction notices. No edition has been released yet, so none can be corrected; the log below lists each edition&#8217;s current version.<\/span><\/p><div class=\"nx-table-wrap\"><table class=\"nx-table nx-rd-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Edition<\/th><th scope=\"col\">Version<\/th><th scope=\"col\">Date<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Change<\/th><th scope=\"col\">Notice<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Edition\"><span class=\"nx-rd-code\">SR-06<\/span><\/td><td data-label=\"Version\" class=\"nx-rd-mono\">NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-v1.0.0<\/td><td data-label=\"Date\">October 2026<\/td><td data-label=\"State\">Draft<\/td><td data-label=\"Change\">Baseline Edition 2026, inaugural annual edition,<\/td><td data-label=\"Notice\">None<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-rd-source\">Notice types: erratum, addendum, supersession, withdrawal. A correction is a new version with a published notice; the earlier version stays resolvable, and no edition is ever edited in silence.<\/p><\/div><\/section><\/div><div id=\"nx-nr-sr-06-outputs\"><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cc-s4\" aria-labelledby=\"nx-nrp-sr-06-cc-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cc-s4-h\"><span class=\"nrp-num\">C.4<\/span><span>Open record<\/span><\/h2><div class=\"nx-nr-os\"><div class=\"nx-nr-os-card\"><h3>This edition&#8217;s open record<\/h3><dl class=\"nx-nr-os-kv\"><dt>Publication ID<\/dt><dd>NR-STRATEGIC-INSURANCE-GLOBAL-2026-BASELINE-v1.0.0<\/dd><dt>Desk identifier and series alias<\/dt><dd>NR-STR-SR-06-2026-BL<\/dd><dt>Collection<\/dt><dd>None<\/dd><dt>DOI<\/dt><dd>Concept and version DOI at deposit, on Zenodo with DataCite metadata<\/dd><dt>Versions<\/dt><dd>Each correction is a new version (isNewVersionOf); the concept DOI resolves to the latest<\/dd><dt>Bundle<\/dt><dd>RO-Crate 1.2 with CITATION.cff, CodeMeta and PROV-O provenance; a signed manifest<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\" rel=\"noopener\">CC BY 4.0<\/a> (SPDX CC-BY-4.0) for original material; metadata CC0 1.0<\/dd><\/dl><\/div><div class=\"nx-nr-os-card\"><h3>Credit and identity<\/h3><dl class=\"nx-nr-os-kv\"><dt>ORCID<\/dt><dd>Your iD in the deposit and the contribution record; DataCite can then add the work to your ORCID record<\/dd><dt>ROR<\/dt><dd>Your organisation by its ROR identifier, never by a typed name alone<\/dd><dt>CRediT<\/dt><dd>Conceptualization, Data curation, Formal analysis, Investigation, Methodology, Software, Validation, Visualisation, Writing, review and editing<\/dd><dt>Account<\/dt><dd>None needed to contribute; never a password<\/dd><\/dl><\/div><div class=\"nx-nr-os-card\"><h3>Find and follow<\/h3><p class=\"nx-p\">Search the open indexes for Insurance, Protection Gaps and Insurability; software is cited by its SWHID from Software Heritage, and a quantified scenario run is preregistered on OSF before it is run. Annotation is your choice: Hypothesis opens this page in its own viewer.<\/p><ul class=\"nx-nr-os-links\"><li><a href=\"https:\/\/openalex.org\/works?search=Nexus%20Reports%20Insurance%2C%20Protection%20Gaps%20and%20Insurability\" rel=\"noopener\">OpenAlex<\/a><\/li><li><a href=\"https:\/\/explore.openaire.eu\/search\/find?fv0=Nexus%20Reports%20Insurance%2C%20Protection%20Gaps%20and%20Insurability&amp;f0=q\" rel=\"noopener\">OpenAIRE<\/a><\/li><li><a href=\"https:\/\/search.crossref.org\/search\/works?q=Nexus%20Reports%20Insurance%2C%20Protection%20Gaps%20and%20Insurability\" rel=\"noopener\">Crossref<\/a><\/li><li><a href=\"https:\/\/commons.datacite.org\/?query=Nexus%20Reports%20Insurance%2C%20Protection%20Gaps%20and%20Insurability\" rel=\"noopener\">DataCite Commons<\/a><\/li><li><a href=\"https:\/\/zenodo.org\/search?q=Nexus%20Reports%20Insurance%2C%20Protection%20Gaps%20and%20Insurability\" rel=\"noopener\">Zenodo<\/a><\/li><li><a href=\"https:\/\/archive.softwareheritage.org\/\" rel=\"noopener\">Software Heritage<\/a><\/li><li><a href=\"https:\/\/osf.io\/prereg\/\" rel=\"noopener\">OSF preregistration<\/a><\/li><li><a href=\"https:\/\/via.hypothes.is\/https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/\" rel=\"noopener\">Annotate with Hypothesis<\/a><\/li><\/ul><\/div><div class=\"nx-nr-os-card\"><h3>Mirrors and harvest<\/h3><p class=\"nx-p\">The DOI is canonical. At release each signed bundle is also given an IPFS content identifier and a bloxberg anchor as mirrors; both are listed in the record once they exist. Zenodo exposes every record over OAI-PMH, and reviews and endorsements can arrive through COAR Notify where the repository supports it.<\/p><\/div><\/div><div class=\"nx-mt-3\"><figure class=\"nx-nr-code\"><figcaption class=\"nx-nr-code-cap\">InvenioRDM metadata for a contribution on Insurance, Protection Gaps and Insurability, prefilled from this page<\/figcaption><pre class=\"nx-nr-pre\" tabindex=\"0\"><code>{&#10;  &quot;metadata&quot;: {&#10;    &quot;resource_type&quot;: {&#10;      &quot;id&quot;: &quot;dataset&quot;&#10;    },&#10;    &quot;title&quot;: &quot;Evidence on Insurance, Protection Gaps and Insurability for Nexus Reports&quot;,&#10;    &quot;publication_date&quot;: &quot;YYYY-MM-DD&quot;,&#10;    &quot;creators&quot;: [&#10;      {&#10;        &quot;person_or_org&quot;: {&#10;          &quot;type&quot;: &quot;personal&quot;,&#10;          &quot;family_name&quot;: &quot;Your family name&quot;,&#10;          &quot;given_name&quot;: &quot;Your given name&quot;,&#10;          &quot;identifiers&quot;: [&#10;            {&#10;              &quot;scheme&quot;: &quot;orcid&quot;,&#10;              &quot;identifier&quot;: &quot;0000-0000-0000-0000&quot;&#10;            }&#10;          ]&#10;        },&#10;        &quot;affiliations&quot;: [&#10;          {&#10;            &quot;id&quot;: &quot;ROR identifier of your organisation&quot;&#10;          }&#10;        ]&#10;      }&#10;    ],&#10;    &quot;description&quot;: &quot;What it is, where its record is kept and how it bears on Strategic Systems Report 2026: Insurance, Protection Gaps and Insurability.&quot;,&#10;    &quot;rights&quot;: [&#10;      {&#10;        &quot;id&quot;: &quot;cc-by-4.0&quot;&#10;      }&#10;    ],&#10;    &quot;subjects&quot;: [&#10;      {&#10;        &quot;subject&quot;: &quot;Nexus Reports&quot;&#10;      },&#10;      {&#10;        &quot;subject&quot;: &quot;Insurance, Protection Gaps and Insurability&quot;&#10;      },&#10;      {&#10;        &quot;subject&quot;: &quot;Strategic Systems Report \u00b7 SR-06&quot;&#10;      }&#10;    ],&#10;    &quot;related_identifiers&quot;: [&#10;      {&#10;        &quot;identifier&quot;: &quot;https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/&quot;,&#10;        &quot;scheme&quot;: &quot;url&quot;,&#10;        &quot;relation_type&quot;: {&#10;          &quot;id&quot;: &quot;issupplementto&quot;&#10;        },&#10;        &quot;resource_type&quot;: {&#10;          &quot;id&quot;: &quot;publication-report&quot;&#10;        }&#10;      }&#10;    ],&#10;    &quot;version&quot;: &quot;1.0.0&quot;&#10;  },&#10;  &quot;custom_fields&quot;: {},&#10;  &quot;access&quot;: {&#10;    &quot;record&quot;: &quot;public&quot;,&#10;    &quot;files&quot;: &quot;public&quot;&#10;  },&#10;  &quot;files&quot;: {&#10;    &quot;enabled&quot;: true&#10;  },&#10;  &quot;parent&quot;: {&#10;    &quot;communities&quot;: {&#10;      &quot;default&quot;: &quot;nexusreports&quot;&#10;    }&#10;  }&#10;}<\/code><\/pre><\/figure><\/div><div class=\"nx-nr-os-hook\" data-nx-research-hub=\"slot\" data-nx-research-context=\"{&quot;org&quot;:&quot;GCRI&quot;,&quot;site&quot;:&quot;gcri&quot;,&quot;url&quot;:&quot;https:\/\/therisk.global\/nexus-reports\/editions\/sr-06\/&quot;,&quot;kind&quot;:&quot;edition&quot;,&quot;subject&quot;:&quot;Insurance, Protection Gaps and Insurability&quot;,&quot;series&quot;:[&quot;Strategic Systems Report \u00b7 SR-06&quot;]}\" hidden><\/div><\/section><\/div><div id=\"nx-nr-sr-06-pillars\"><section class=\"nrp-block\" id=\"nx-nrp-sr-06-cc-s5\" aria-labelledby=\"nx-nrp-sr-06-cc-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-sr-06-cc-s5-h\"><span class=\"nrp-num\">C.5<\/span><span>Where this edition sits among the six pillars<\/span><\/h2><p class=\"nrp-stand\">Foundry seals the evidence and Universe tests it; Reports publishes it; Standards takes its corrections and Academy teaches from it.<\/p><ol class=\"nx-pl-list\"><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F03 Sealed observations and indicator series<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> Sealed observations and indicator series behind a profile (closeout).<\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F04 After-action and scenario findings for<\/strong> <span class=\"nx-pl-in\">Universe<\/span> After-action and scenario findings for chapters 10 and 13 (after action review).<\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F05 National Portfolio movement for chapter<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> National Portfolio movement for chapter 11 (after action review).<\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Applied in editions<\/strong> <span class=\"nx-pl-in\">Standards<\/span> <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a>: applied in editions.<\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>SR-06 edition<\/strong> <span class=\"nx-pl-in\">Reports<\/span> Insurance, Protection Gaps and Insurability 2026, published in every format with its sources, citation and corrections.<\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F06 Method and correction findings as change<\/strong> <span class=\"nx-pl-in\">Standards<\/span> Method and correction findings as change proposals (correction).<\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F12 Q4 synthesis informs the next-year<\/strong> <span class=\"nx-pl-in\">Universe<\/span> Q4 synthesis informs the next-year mandate (renewal).<\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Taught in the open<\/strong> <span class=\"nx-pl-in\">Academy<\/span> Risk Academy: taught in the open.<\/li><\/ol><p class=\"nx-caption\"><span>What Foundry and Universe hand to this edition, and what it hands to Standards, Universe and Academy. From the programme spine; SR-06 is a drafted Baseline Edition, so these handoffs run from its first operational quarter.<\/span><\/p><ul class=\"nx-pl-legend\" aria-label=\"Pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-foundry\/\">Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/universe.nexus\/\">Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/\">Nexus Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/\">Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/\">Risk Academy<\/a><\/li><\/ul><div class=\"nx-table-wrap\"><table class=\"nx-table nx-rd-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Handoff<\/th><th scope=\"col\">Between<\/th><th scope=\"col\">What crosses, and when<\/th><\/tr><\/thead><tbody><tr data-pillar=\"foundry\"><td><span class=\"nx-rd-code\">F03<\/span><\/td><td>Foundry to Reports<\/td><td>Sealed observations and indicator series behind a profile (closeout).<\/td><\/tr><tr data-pillar=\"universe\"><td><span class=\"nx-rd-code\">F04<\/span><\/td><td>Universe to Reports<\/td><td>After-action and scenario findings for chapters 10 and 13 (after action review).<\/td><\/tr><tr data-pillar=\"foundry\"><td><span class=\"nx-rd-code\">F05<\/span><\/td><td>Foundry to Reports<\/td><td>National Portfolio movement for chapter 11 (after action review).<\/td><\/tr><tr data-pillar=\"standards\"><td><span class=\"nx-rd-code\">Ring<\/span><\/td><td>Nexus Standards to Reports<\/td><td>Nexus Standards: applied in editions.<\/td><\/tr><tr data-pillar=\"standards\"><td><span class=\"nx-rd-code\">F06<\/span><\/td><td>Reports to Nexus Standards<\/td><td>Method and correction findings as change proposals (correction).<\/td><\/tr><tr data-pillar=\"universe\"><td><span class=\"nx-rd-code\">F12<\/span><\/td><td>Reports to Universe<\/td><td>Q4 synthesis informs the next-year mandate (renewal).<\/td><\/tr><tr data-pillar=\"academy\"><td><span class=\"nx-rd-code\">Ring<\/span><\/td><td>Reports to Risk Academy<\/td><td>Risk Academy: taught in the open.<\/td><\/tr><\/tbody><\/table><\/div><\/section><\/div><\/div><\/article><\/div><\/div><div class=\"nrp-noprint\"><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Send evidence or a correction on Insurance, Protection Gaps and Insurability.<\/h2><p class=\"nx-lede\">Reports is the Consortium&#8217;s quarterly publication, written by six desks. This page sits with the GCRI <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> Evidence desk. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work. Sent to the wrong desk, it is forwarded, not refused.<\/p><div class=\"nx-chips\"><span class=\"nx-chip\">GCRI Systems Evidence desk<\/span><span class=\"nx-chip\">Strategic Systems<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/nexus-reports\/write-to-us\/contact\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Email<\/span><span class=\"nx-dest-host\">Gateway GW-GCRI<\/span><\/span><span class=\"nx-dest-title\">Send it from this page<\/span><span class=\"nx-dest-why\">Evidence, a correction, a case, a method, a review, a translation or profile input. It arrives tagged with this page, so the editor who owns it receives it.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/nexus-reports\/open-science\/#nx-sec-zenodo\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Zenodo<\/span><span class=\"nx-dest-host\">Open deposit<\/span><\/span><span class=\"nx-dest-title\">Deposit it and submit to the community<\/span><span class=\"nx-dest-why\">Publish your own record on Zenodo with your ORCID iD, then submit it to the Reports community there. Curators review it; the DOI stays yours.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/nexus-reports\/contribute\/#nx-sec-routing\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Reports<\/span><span class=\"nx-dest-host\">GCRI<\/span><\/span><span class=\"nx-dest-title\">See which desk takes what you have<\/span><span class=\"nx-dest-why\">The routing table opens the contribution page: what you have, the desk that takes it, how each contribution is reviewed and credited, and the licence.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><div class=\"nx-live-slot\" data-nxf-slot=\"contribute\" data-nxf-kind=\"workflow\" data-nxf-resource=\"nexus:\/\/gcri\/nexus-reports\/editions\/sr-06\/full#contribute\" data-nxf-title=\"Contribute evidence\" data-nxf-height=\"480\" hidden><\/div><p class=\"nx-note nx-mt-3\">Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.<\/p><\/div><\/div><\/section><\/div><p class=\"nx-note\" data-nr-rights=\"true\"><a class=\"nx-link\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY 4.0<\/a> Free to read. Text and figures: CC BY 4.0. Data: CC0 1.0. Authors keep copyright. 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