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Insurance industry response to EU climate change consultation published

Insurance Europe has published its response to a European Commission consultation on the EU’s Adaptation Strategy. The strategy was adopted in 2013 with the aim of making Europe more climate-resilient, by promoting action by Member States.

In its response to the consultation, Insurance Europe expressed its full support for the Commission’s work on exploring ways for Europe to better deal with climate-change. The federation believes the focus of the Commission should be on increasing knowledge of member-state risk profiles and exposures, as well as on the insurability of natural catastrophe risks.

Insurance Europe stressed that risk prevention and risk management are essential for a country’s socio-economic wellbeing. As such, the federation warned about the adverse effects of over-reliance on post-disaster relief, noting in particular that when member states and citizens rely too heavily on post-event funding the necessary prevention and adaptation measures tend not to be taken.

The federation also encouraged the Commission to continue to share and promote good practices in public-private cooperation between member states and other stakeholders. Insurance Europe added that it strongly supports the Commission’s efforts to engage with the private sector and member states through workshops and seminars.

On the topic of sustainable finance, Insurance Europe reiterated its support for a European taxonomy and related standards, and called for a greater supply of sustainable investment assets.

Insurance Europe and its members look forward to continued cooperation with the Commission in the area of climate change adaptation and risk/insurance. In support of its response to the consultation, and as a contribution to the objective of exchanging information and best practices, Insurance Europe highlighted resources on its website that contain information about national natural catastrophe schemes and examples of ways in which insurers contribute towards addressing climate change.

Published 5 March 2018