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Climate catastrophe insurance should be used more widely, EU supervisors say

( April 24, 2023, 09:15 GMT | Official Statement) -- MLex Summary: Insurance against climate catastrophe should be more widely used in the EU, the European Central Bank and European Insurance and Occupational Pensions Authority have said in a new joint paper. The two authorities found that only a quarter of EU climate-related catastrophe losses are currently insured and the gap will grow as the impact of climate change grows. Insurers and governments should incentivize risk reduction and could increase the use of catastrophe bonds to distribute financial risk, they said. The two authorities also proposed national and EU-level financial backstops to reduce the burden on insurers in the event of "rare, large-scale climate-related catastrophes."Statement follows. Paper attached....

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