Natural catastrophes are becoming more frequent and more severe across Europe due to climate change. Against this development – and with a view to ensuring the continued protection of policyholders and the stability of the EU’s insurance market – it is important that insurers’ capital requirements for natural catastrophe underwriting risk continue to reflect the excepted impact of climate change. EIOPA has therefore performed a (re)assessment of the natural catastrophe parameters of the standard formula which will be discussed at this event.

In addition, EIOPA has also increased its focus on addressing protection gaps. In fact, there could be important economic and societal losses across Europe. EIOPA has taken a number of initiatives aimed at ensuring that the insurance sector is resilient enough to withstand climate shocks. During the workshop, EIOPA will present its findings on why consumers are facing challenges during NatCat uptake, and will also present consumer tested solutions.