The consultation considers whether EU action is needed to improve the market for disaster insurance

European Commission building Brussels

The European Commission has issued a public consultation on its Green Paper that assesses the adequacy and availability of existing insurance to cover natural and man-made disasters.

The paper considers whether action at EU level is needed to improve the market for disaster insurance in the EU. It said its objective is to also expand the knowledge base, help to promote insurance as a tool of disaster management and contribute to a shift towards a general culture of disaster risk prevention and mitigation.

The commission’s internal market and services commissioner Michel Barnier said: “Natural and man-made catastrophes are on the rise, while the capacity of the insurance sector to insure against them is not fully utilised. European-level solutions to bridge the insurance gap need to be explored, along with common means of prevention and ways of raising awareness among citizens and companies. This Green Paper launches an important debate on the issues and will also allow us to get a more complete overview of the situation in different member states.”

The public consultation deadline is 15 July. Once the commission has examined the responses, it will decide whether legislative or non-legislative is needed. To take part, click here.