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Given the increase in severity and intensity of climate related events, as part of the EU strategy on adaptation to climate change, EIOPA has increased its focus on addressing protection gaps. In fact, there could be important economic and societal loses across Europe. Hence, EIOPA has taken a number of initiatives aimed at ensuring that the insurance sector is resilient enough to withstand climate shocks and that it contributes to making society more resilient to such shocks.
EIOPA has carried out two studies aiming at understanding the demand-side barriers, drivers and possible solutions to the Natural Catastrophe (NatCat) protection gap. It also covered NatCat aspects in its Flash Eurobarometer. In addition to existing initiatives, with this Paper, EIOPA explores the underlying causes of the NatCat insurance protection gap from a demand side perspective and highlights possible options to address mainly the demand factors.