FERMA has urged the EU to set up an expert group on climate protection gaps following the publication of a major study which it says underlines the need for a permanent body to advise on EU adaption strategy.

The EU climate resilience dialogue report on narrowing the climate protection gap and strengthening economic and societal resilience to the effects of climate change has been issued following an 18-month project undertaken by a temporary group of stakeholders set up at the initiative of the European Commission. It proposes a series of actions, highlights good practices, and explores possible solutions to help reduce the climate protection gap. FERMA and Insurance Europe acted as co-rapporteurs for the 17-strong stakeholder group, which included the World Bank, EIOPA, and the UN Office for Disaster Risk Reduction.

Typhaine Beaupérin, CEO, FERMA, said: “FERMA welcomes the opportunity to participate in this transversal initiative within the European Commission. The climate resilience dialogue provides a strong foundation upon which to increase awareness of climate risk, and boost levels of resilience and preparedness across Europe.

“However, to build on those foundations, and particularly given the speed at which impacts from climate change are being felt across Europe, we must establish a permanent expert group on climate protection gaps to put forward policy recommendations for the next EU adaptation strategy.”

The report states that participants see merit in building on the work of the climate resilience dialogue to launch follow-up initiatives on the climate protection gap. It also suggests that risk management and the risk manager function as a central component in efforts to achieve the required levels of climate resilience across Europe. It stated: “At enterprise-level, a dedicated function of risk manager can help to permeate a risk management culture throughout – generally large – organisations,” while also calling for the creation of market incentives to invest in risk management solutions.

Beaupérin added: “The risk management function is critical to helping manage the physical risks resulting from climate change, including the increased frequency and severity of natural hazards. At the enterprise level, risk managers also play an integral role in enabling the strategic assessment of those risks and the opportunities in their operations across the value chain that can bolster not only resilience but competitiveness in this new era of risk.”

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