European Union aims to close climate change damage insurance gap

Insurance gap - EU flag and Climate Change

Only about a quarter of catastrophe losses suffered in the European Union are insured. The European Central Bank (ECB) and European Union insurance regulators announced this week that it was working to better close the insurance gap to provide improved coverage from climate change by setting up public-private partnerships and issuing “catastrophe bonds”. The current uninsured catastrophe losses are creating risks to the EU economy and financial stability. As only about one quarter of catastrophe losses related to climate change in the European Union are insured, the insurance gap is…

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Euro crisis may be worse than the economic recession of 2008, say insurers

The European financial crisis is showing no sign of slowing down as the European Union continues to look for ways to stop what may soon become the world’s most catastrophic financial calamity. EU regulators have turned to the insurance industry to help find a solution to the crisis, but insurers have been leery of lending any aid, as the countries involved in the crisis are exposed to massive risk. The European Insurance and Occupational Pension Authority has released a statement regarding the crisis, calling it worse than the economic disaster…

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