Nick Martin explains how closing the gap between economic losses and insured losses – such as those arising from recent events like storms in the US and floods across Europe and China – is an opportunity for the insurance industry, adding that preventing them in the first place is another. At the same time, these types of natural catastrophes should be viewed differently to a pandemic that is not limited by time or geography, so Nick also gives his thoughts on the impact of COVID-19 on company valuations with, in his view, book value growth not being reflected in market valuations, giving him plenty of investment opportunities.