European (re)insurers welcome principles underpinning EU climate insurance alliance

By Rebecca Delaney Sept 18 (The Insurer) — Large European (re)insurers broadly welcomed Wednesday's announcement that the European Union would create a climate insurance alliance, underlining the importance of loss-prevention measures and efficient capacity deployment across the bloc. European Commission President Ursula von der Leyen announced the plans on September 16. “Far too often, national budgets become the insurer of last resort. We need to take action to close this gap,” von der Leyen told the European Parliament. The scope and structure of the scheme have not been confirmed, however large European (re)insurers canvassed by The Insurer welcomed the plan based on the broad principle that it would seek to close the climate protection gap across the continent. “We welcome the European Commission’s focus on strengthening climate resilience and closing the protection gap across Europe. Measures to improve insurance uptake and encourage risk prevention and adaptation are essential for building a resilient Europe,” said Zurich Insurance in a statement to The Insurer. Generali said European-wide initiatives could play a valuable role if they helped reduce protection gaps and stren