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Insurers call for proactive climate change adaptation plans

Insurers call for proactive climate change adaptation plans | Insurance Business

Insurers call for proactive climate change adaptation plans

Insurers are urging the European Union (EU) to come up with much more proactive and ambitious climate change adaptation plans to reduce the risks of natural disasters, such as flooding.

The European Commission is asking for feedback on the EU's plans to adapt to climate change, set out in 2013.

Industry trade body Insurance Europe commented that the EU's strategy to adapt to climate change risks needs to become more proactive and ambitious.

“This should include enforcement of risk-averse policies, such as building codes, flood defences, and avoidance of construction in high-risk zones,” Insurance Europe said, as reported by Reuters.

It explained that mitigating the economic, social, and environmental impacts of climate change was not enough as extreme weather events worsen and occur more frequently.

“The EU's original 2013 strategy was useful, but it did not sufficiently address the future impact of climate change and did not put enough emphasis on the ‘pre-disaster’ phase,” Insurance Europe continued.

Insurance Europe is calling for the release of high-quality data on adaptation measures and improving the ability of insurance companies to address climate change risks by working with the government to ensure that adaptation measures were enforced across the country.