EIOPA and ECB call for increased uptake of climate catastrophe insurance

EIOPA and ECB today publish a joint discussion paper on how to better insure households and businesses in the European Union against climate-related natural catastrophes such as floods or wildfires. The policy options set out in the paper are aimed at boosting the uptake and efficiency of climate catastrophe insurance while creating incentives to adapt to and reduce climate risks.

• Only one-quarter of EU climate-related catastrophe losses currently insured; gap expected to widen as impact of climate change grows
• Insurance gap poses risks to economy and financial stability
• EIOPA and ECB outline policy options to promote climate catastrophe insurance

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