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Commissioner Barnier announces climate-risk insurance review

Monday 29 March 2010 - by Andrew Naylor

EU Internal Market Commissioner Michel Barnier has announced a detailed review of insurance schemes that cover natural disasters with a particular focus on flooding.

The Commission will be undertaking an examination of how the effects of natural catastrophes are insured against and will be evaluating examples of best practice from across the European Union.

The review will involve dialogue with policymakers, insurance industry representatives and other stakeholders which will culminate in a conference to be held in 2011.

The announcement follows devastating floods and storms across Europe over the last six months – more than 50 people died in France during the storms in February, and Northern Europe has suffered from severe flooding.

The European insurance industry has already undertaken work to tackle the effects of climate change.



In December 2009, the CEA – the European insurance and reinsurance federation – published a report outlining the role of the insurance industry in mitigating and adapting to climate change.

Launching the report, CEA president Tommy Persson said: “European insurers are both willing and able to play a fundamental role in tackling climate change, but to do so they need the support of national governments and the European Union in the creation of a long-term and effective climate-risk management strategy.”


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