Skip to main content
European Insurance and Occupational Pensions Authority
ConsultationOpen

Consultation on the 2023/2024 (re)assessment of natural catastrophe risk in the standard formula

Details

Status
Open
Opening date
Deadline

Target audience

EIOPA launched today a public consultation on reassessing natural catastrophe risks in the standard formula. EIOPA’s review of the parameters aims to better capture the risks stemming from perils such as earthquake, flood, hail and windstorm based on new insights, new data and new models that have come online since the last reassessment in 2018.

As a result of the 2023/2024 (re)assessment exercise, EIOPA is proposing new risk factors for 25 perils/regions across five perils (flood, hail, earthquake, windstorm, subsidence). Flood risk, for instance, is to be (re)calibrated for 10 countries. Additionally, EIOPA suggests including more countries in the standard formula for which certain natural catastrophe risks were previously not covered. Nine countries including the Netherlands, Ireland and Finland are slated to be added for flood risk.

Respond to the consultation

Stakeholders are invited to provide their feedback to the proposals made in EIOPA’s Consultation Paper by responding to the questions via the online survey. The deadline for the submission of comments is 20th June 2024.

Reference documents

3 APRIL 2024
Consultation Paper on the 2023/2024 reassessment exercise of natcat risk in standard formula
3 APRIL 2024
2023/2024 Reassessment Exercise of natcat risks - Zonal Calibration_all.xlsx