Featured Product

    EIOPA Seeks Views on Dashboard to Address Catastrophe Protection Gap

    December 04, 2020

    EIOPA launched the first pilot dashboard that depicts the insurance protection gap for natural catastrophes. The aim is to represent the drivers of a climate-related insurance protection gap to identify measures that will help in decreasing the losses of society in the event of natural catastrophes. EIOPA is inviting stakeholders to provide views, via a survey form, on the methodology and data used in the dashboard by March 31, 2021. The pilot dashboard is part of the broader sustainability agenda of EIOPA to integrate environmental, social, and governance (ESG) risk assessment in the regulatory and supervisory framework.

    The dashboard brings together data on economic and insured losses, vulnerabilities and exposures, and insurance coverage across EU member states. This approach will help in identifying risky regions at risk and protection gap risk drivers, in addition to defining proactive prevention measures. Such a dashboard should also help to:

    • Increase the awareness of the protection gap issues for all stakeholders
    • Promote a science-based approach to protection gap management and decision-making
    • Identify at-risk regions and identify the underlying protection gap risk drivers
    • Develop proactive prevention measures based on a granular assessment of risk drivers
    • Identify the potential for synergies between national policies to improve protection against natural catastrophes across borders at European level

    The dashboard was discussed and validated by a group of selected experts, EIOPA, and national competent authorities from the European Economic Area countries (September 2020). The dashboard provides two views: a historical protection gap and an estimation of protection gap. In view of climate change, the dashboard could also add a third view with an estimation of the future protection gap. This could be, for example, done for perils that are estimated to be strongly impacted by climate change. This would require not only to study the way the hazard and the exposure would change in the future due to climate change, but also to monitor the evolution of vulnerability and the insurance coverage. These are not easy tasks and data gaps have already been identified when trying to estimate protection gaps, especially for vulnerability data. An analysis of data availability also showed that it is not always straightforward to access data for a specific peril, as the data are often aggregated together. The dashboard would, however, benefit from a more granular approach to perils—for example, clearly distinguishing between coastal floods and river floods. The dashboard focuses mainly on the insurance coverage provided by the private sector. A future area of development would be to better integrate description of national schemes and to have a clear split of the losses insured by the private sector versus losses taken by national schemes.

     

    Related Links

    Comment Due Date: March 31, 2021

    Keywords: Europe, EU, Insurance, Climate Change Risk, ESG, Dashboard, Catastrophe Risk, EIOPA

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514