‘More prominence must be given to adaptation’ around climate change, insurers warn

Written by Adam Cadle

24/08/2020

European insurers believe that more “more prominence must be given to adaptation” around climate change.

In its response to the EC’s consultation on the EU’s strategy for adaptation to climate change, Insurance Europe said the EU “should raise the prominence of adaptation in EU policy by mainstreaming adaptation and shift its focus from reacting to disasters to a more proactive approach that prioritises prevention, risk reduction and resilience building”.

Insurance Europe added that the EC should consider the fact that “successful mainstreaming of adaptation requires coordinated action that encompasses the dessemination of coherent, high quality data on adaptation measures and introduces public-private partnerships where necessary”.

Furthermore, it said “effective adaptation also requires the sharing of responsibility between governments; the private sector; and the public”.

“It is vital that the EU continues to support ex ante financing for natural hazards and for reducing the risks stemming from them. This includes permitting insurers to negotiate terms and conditions with their policyholders directly, which can encourage adaptation measures to reduce exposure to risk.”

Related Articles