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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:
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.