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European Climate Law proposal: EU insurers ready to continue playing pivotal role in addressing climate change challenge

Insurance Europe has today published a position paper on the European Commission’s proposal for a European Climate Law. Europe’s insurers are ready to continue contributing to the EU’s political commitment to be climate neutral by 2050 and to play a pivotal role in financing the transition to carbon-neutrality, resource-efficiency and greater sustainability.

Given the importance of prevention and climate adaptation measures, the insurance industry will continue to contribute to the Commission’s efforts on national climate change adaptation. It is however important to recognise that each member state is affected by climate change differently and that there is therefore no one-size-fits-all solution at a European level.

Broader partnerships and dialogue involving all relevant institutional players and stakeholders are needed to address the underlying causes of risks and to guarantee greater resilience. This would allow players to gain a more holistic picture of the risks and to take effective decisions accordingly.

At the same time, high-resolution datasets are at the heart of an insurance company’s risk calculations and should be treated as intellectual property. Therefore, when examining the use of data, the Commission should pay due consideration to the intellectual property of insurers.

Published 4 May 2020