Less Coverage of Insurance for Disasters Can Affect Economic Agents and Contagion Banks, Says ECB Economic Journal

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The European Central Bank (ECB) warns that the reduction in insurance coverage against natural disasters can represent an economic burden for families, businesses and governments, and infect the banking sector, was announced this Monday.

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Less than a quarter of the losses caused by natural disasters in the EU are covered by insurance. EIOPA and the ECB propose public-private reinsurance to share risks and expand coverage in countries.

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The European Central Bank warns that insurance coverage for natural disasters will be reduced, and in the European Union less than a quarter of the damage is protected.

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Less coverage of climate insurance can impact families, businesses and banks in the EU. ECB suggests measures to expand protection and reduce dependence on fossil fuels.