ZURICH, April 29 (Reuters) - Reinsurer Swiss Re AG sees increasing the amount of insurance and reinsurance protection sold in emerging markets as a process that will take decades, its chief financial officer said on Friday.
“The protection gap that we see in the emerging markets is something that represents a very long term opportunity,” David Cole told Reuters in an interview.
Facing falling prices, reinsurers are trying to expand the market by rolling out products such as hurricane recovery cover for developing countries, where insurance protection is scant, meaning it could take years to bounce back from big natural catastrophes.
“It’s not a one-year story, it’s not a five-year story, it’s actually a multiple decade story,” Cole said. (Reporting by Paul Arnold; Writing by Jonathan Gould; Editing by Maria Sheahan)