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Insurance Europe highlighted that (re)insurers are especially aware of and sensitive to the risks posed by a changing climate, both as an underwriter of risk and compensator of losses. As Europe’s largest institutional investor, insurers can also play a significant role in financing the transition towards more sustainable economies.
In fact, the European (re)insurance industry identified climate change as an emerging risk over two decades ago and has since campaigned for more action to be taken to help mitigate its impact.
The (re)insurance industry therefore welcomes the Commission’s aim for Europe to become the world’s first climate-neutral continent by 2050. The industry is also ready and willing to contribute to the European Green Deal.
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