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Insurance protection gaps: main outstanding risks ​(climate, cyber…), minimum requirements…​

Day 1 Afternoon

Wednesday 21 February

Room :



Petra Hielkema
Chairperson - European Insurance and Occupational Pensions Authority (EIOPA)
Public Authorities
Shigeru Ariizumi
Vice Minister for International Affairs - Financial Services Agency, Japan (J-FSA)
Christophe Bories
Head of Service for the Financial Sector - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France
Carmine Di Noia
Director of Financial and Enterprise Affairs - Organisation for Economic Co-operation and Development (OECD)
Industry Representatives
Françoise Gilles
Group Chief Risk Officer - AXA Group
Ivo Menzinger
Head EMEA, Public Sector Solutions - Swiss Re
Penny Seach
Group Chief Underwriting Officer - Zurich Insurance Company Ltd


In light of increasing climate-related disasters, climate change insurance becomes vital for risk management and safeguarding communities. The growing frequency and severity of these events present financial challenges for insurers, complicating premium pricing and risk assessment.

Munich Re disclosed global natural disaster losses of $250 billion in 2023, with insured losses reaching $95 billion. Annual average losses show a steep rise over the decades. US records reveal increasing weather/climate disaster events with significant economic effects and human casualties. Extreme weather events rank as the top environmental risk presenting a global crisis in 2024, according to the WEF Global Risks Report.

Creating a robust climate change insurance ecosystem demands collaborative efforts to foster resilience and preparedness. Insurers need to engage in risk modelling and data-sharing initiatives, while governments play a crucial role in promoting climate-resilient practices. Supervisors also play an important role in supporting the availability of insurance and advising on financial inclusion and societal resilience.

Cyber-attacks have also driven up the demand for cyber insurance, contributing to a growing protection gap.

Moral hazard is a critical concern, potentially leading to complacency in risk prevention and mitigation. Emerging market and developing economies are particularly affected by these gaps.

The session aims to address the challenges surrounding natural catastrophe insurance in the context of climate change and cyber-attack-related losses. The focus includes assessing options to address moral hazard and identifying priority policy initiatives involving the public and private sectors to bolster resilience against these risks.

Points of discussion

  1. Why does an extensive climate and cyber related insurance coverage matter for policymakers?
  2. What are the challenges and role for insurance and reinsurance?
  3. What are the policy priorities to addressing widening insurance gaps?