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…
Read MoreEuropean Union aims to close climate change damage insurance gap
