This tool is the first dashboard which presents the drivers of a climate-related insurance protection gap to identify measures that will help in decreasing society’s losses in the event of natural catastrophes in Europe.
The European Insurance and Occupational Pensions Authority (EIOPA)
released today its dashboard, which depicts the insurance protection gap
for natural catastrophes across Europe.
In the past, about a quarter of the total losses caused by extreme
weather and climate-related events across Europe were not insured.
Losses to properties and businesses are expected to grow due to climate
change, with the price of insurance also expected to increase. Over the
medium-to-long term, this can lead to insurance becoming unavailable or
unaffordable, resulting in a further widening of the insurance
protection gap.
Key features of the dashboard
The dashboard brings together data on economic and insured losses,
risk estimations as well as insurance coverage from 30 European
countries.
It presents the data in four different views:
- Current view. Using modelling data, this view indicates the current
protection gap according to a particular peril (e.g. flood, earthquake).
- Historical view. Using data of insurance coverage and economic
losses from 1980 to 2021, this view presents a historical protection gap
according to a particular peril.
- Country view. This view presents additional information of the
current protection and historical protection gaps for each country.
- Country insurance view. This view presents information on how natural catastrophes are covered by country.
The dashboard enables evidence-based decision-making on measures to
improve society’s resilience against natural catastrophes. It should
also help to increase the awareness of the protection gap and promote a
science-based approach to protection gap management and policy making.
This approach will help in identifying regions at risk, protection gap
risk drivers as well as defining proactive prevention measures. The
dashboard will be updated regularly.
In releasing this dashboard, EIOPA delivers on its commitment made on
the occasion of the 2021 United Nations Climate Change Conference
(COP26) to finalise the dashboard, as part of its overall support to the
insurance and occupational pensions sectors in tackling climate change.
The dashboard was first released by EIOPA in 2020 as a pilot version.
EIOPA
© EIOPA
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