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Climate Action

Climate Resilience Dialogue

Information on the Climate Resilience Dialogue, its objectives, participants, meetings and more

Background

Despite the global effort to limit temperature increase to 1.5°C, the devastating effects of climate change are evident. The financial cost of climate change is already high and on the rise, yet only around 30% of climate change-related losses are currently covered by insurance.

Climate Resilience Dialogue - Main objectives

The main objective of the Dialogue is to narrow this Climate Protection Gap – the gulf between how much is lost and how much is insured - and to find ways to stimulate investment in good adaptation.

The primary task of the Climate Resilience Dialogue is to exchange views on how to address the losses incurred from climate-related disasters and to identify how the insurance industry can contribute more to climate adaptation, from actions that increase the penetration of climate risk insurance for industry and all of society, to making the conditions right for more investment in good adaptation solutions.

Format

The Climate Resilience Dialogue is a special group co-chaired by DG CLIMA and DG FISMA, and is one of the actions the Commission has undertaken to reduce the climate protection gap, as announced in the EU Strategy on Adaptation to Climate Change and the Strategy for Financing the Transition to a Sustainable Economy. The objective of the Climate Resilience Dialogue is to create a forum for discussion that will strengthen the collective understanding of insurers, reinsurers, businesses, consumers and other stakeholders about the climate protection gap. Both strategies are part of the European Green Deal, and aim to increase and accelerate the EU’s efforts to protect nature, people and livelihoods against the unavoidable impacts of climate change.

The European Commission has set up the Dialogue, will host its meetings. The Commission will facilitate the discussion to ensure a constructive exchange, striving to maintain a positive spirit of collaboration between all participants. The Climate Resilience Dialogue was set up to develop voluntary commitments on actions that would contribute to reducing the climate protection gap.

Special groups are sui generis bodies that, based on their nature and the tasks which they perform, do not qualify as “Commission expert groups” or “other similar entities” in the understanding of the framework of Commission Decision C(2016)3301.

Participants

17 organisations are participating in the Dialogue to represent the full range of different stakeholders and actors (insurers, reinsurers, risk managers, public authorities and regions, and representatives of consumers and the real economy).

Organisations
Acronymfull-name
BIPAREuropean Federation of Insurance and Financial Intermediaries
InsuranceEuropeInsuranceEurope
World BankWorld Bank
BEUCBureau Européen des Consommateurs/The European Consumer Organisation
FERMAFederation of European Risk Management Associations
EIOPAEuropean Insurance and Occupational Pensions Authority
UNEP FIUnited Nations Environment Programme Finance Initiative
EU-CoM EU-Covenant of Mayors
UNDRRUN Office for Disaster Risk Reduction
AAEActuarial Association of Europe
SMEunitedSMEunited
UIPIUnion Internationale de la Propriété Immobilière/International Union of Property Owners
PEIFPan European Insurance Forum
EEAEuropean Environment Agency
CRO ForumChief Risk Officers Forum
RABReinsurance Advisory Board
AMICEAssociation des assureurs mutuels et coopératifs en Europe/ Association of Mutual Insurers and Insurance Cooperatives in Europe

Organisation

The Group is organised in two sub-groups:

  1. Insurance Underwriting and Solutions 
  2. Adaptation Investment

Timeline

  • Q4 2022: Pre-Launch and Launch events
  • Throughout 2023: Meetings of the sub-groups and (two) plenary meetings
  • Summer 2023: Publication of mid-term report
  • Throughout 2024: Finalisation of common practices and voluntary commitments. Closing event
  • Q2 2024: Publication of Final Report

Meetings