The European Commission has called for a new climate resilience framework to strengthen Europe’s ability to anticipate, prepare for, and manage climate risks. The initiative calls for the establishment of a Climate Insurance Alliance, to improve coverage, drive risk prevention and encourage greater use of reinsurance and catastrophe bonds to close protection gaps.
According to the European Commission proposal, estimated economic losses from climate-related damages from 2022 to 2025 stood at approximately €200 billion, or €50 billion per year.
“The EU Climate Resilience Framework aims to strengthen Europe’s ability to anticipate, prepare for, and manage climate risks by getting ahead of those impacts and avoiding damages through coordinated action at EU, national and local levels,” the Commission explained.
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