EIOPA LAUNCHES PROTECTION GAP DASHBOARD

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a pilot ‘dashboard’ to benchmark the insurance protection gap in Europe. The dashboard brings together data on economic and insured losses, vulnerabilities and exposure, and insurance coverage, to give the historical and current protection gap. Potentially the dashboard could include the forecast future protection gap, Eiopa said. Currently only 35% of total losses from extreme weather and climate-related events in Europe are insured and losses due to climate change are expected to grow, Eiopa said. “In response to increasing climate-related risk, the price of insurance will also increase. Over the medium-to-long term, this can lead to insurance being unavailable or unaffordable for citizens and businesses, leading to a further widening of the insurance protection gap,” it warned.