Addressing the large “protection gap” – more commonly referred to as non-insurance – could net insurers about $US800 billion ($1.12 trillion) in potential premium revenue, Swiss Re says.

The gap is one that offers promising growth for the industry as it struggles under the weight of excess capital and weak prices.

Swiss Re says last year’s destructive natural catastrophes are a stark reminder of the huge protection gap that still exists globally – including in developed economies.

About 70% of the US$2 trillion ($2.81 trillion) in natural catastrophe losses sustained over the last decade was uninsured, Swiss Re says.

“Such statistics are sobering,” the report says. “Roughly 2 billion people worldwide have no access to insurance, resulting in a very large protection gap.

“Therefore, a real potential for the (re)insurance industry exists to support the global population.”