Today, the European Insurance and Occupational Pensions Authority (EIOPA) launched its first pilot dashboard, which depicts the insurance protection gap for natural catastrophes. The aim is to represent the drivers of a climate-related insurance protection gap in order to identify measures that will help in decreasing society’s losses in the event of natural catastrophes.
In the past, only 35% of the total losses caused by extreme weather and climate-related events across Europe were insured. Losses to properties and businesses are expected to grow due to climate change. In response to increasing climate-related risk, the price of insurance will also increase. Over the medium-to-long term, this can lead to insurance being unavailable or unaffordable for citizens and businesses, leading to a further widening of the insurance protection gap.
The dashboard brings together data on economic and insured losses, vulnerabilities and exposure as well as insurance coverage across the European Union Member States. This information should allow for evidence-based decision-making on measures to improve society’s resilience against natural catastrophes. At the same time, the pilot dashboard should also help increasing the awareness of the protection gap, promote science-based approach to protection gap management and decision-making. This approach will help in identifying risky regions at risk, protection gap risk drivers as well as defining proactive prevention measures.
EIOPA is inviting stakeholders to provide views on the methodology, data used in the dashboard by 31 March 2021 by filling in the survey. Questions on the dashboard are also welcome to be sent to: email@example.com.
- Publication date
- 4 December 2020