European insurance reaffirms its commitment against climate change

European insurers and reinsurers wish to reiterate their willingness to continue playing their important role in mitigating and adapting to climate change in support of the objectives of the UN Paris Agreement and the European Green Deal, Insurance Europe said in its latest statement.

“Climate change has been a key priority for the (re)insurance sector for decades. Our sector plays a multifaceted role both in helping to limit climate change and in helping citizens and societies cope with its effects,” he says.

This, the federation alleges, includes offering financial protection against natural catastrophe risks, as well as sharing risk management expertise with governments and clients to help reduce and prevent risks. “As Europe’s largest institutional investors, with more than €10 trillion of assets under management, insurers play a key role in helping to finance the transition to sustainability.”

He argues that the insurance industry is determined to play its part, “but it can only make a real difference if certain conditions are met.” These conditions include, in particular, a regulatory landscape that facilitates the industry’s contribution to the green transition and a strong focus, “especially by public authorities, on prevention and adaptation.” The sector stands ready to work with all stakeholders to determine how these conditions can be met in the most efficient way.”

Source: Inese