A Large insurance gap is shaping Europe's approach to catastrophe risk sharing

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<title>Large insurance gap is shaping Europe's approach to catastrophe risk sharing</title>
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<dateIssued>2026</dateIssued>
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<abstract displayLabel="Summary">The document analyses the growing insurance protection gap against natural catastrophes in Europe and the institutional responses being developed to address it. It examines the joint proposal by EIOPA and the European Stability Mechanism to establish a European risk-sharing system based on an insurance pool and a contingent public backstop. From a credit perspective, the potential impact of this framework on the stability of the private insurance sector is assessed. The report highlights its complementarity with existing national schemes and the role of pan-European diversification. It also analyses the implications for insurance capacity, reinsurance and market sustainability in the context of increasing climate-related risks</abstract>
<tableOfContents displayLabel="Contents">Overview -- EIOPAESM risk-sharing mechanism to address the protection gap -- A complementary European layer to strengthen natural catastrophe resilience -- Related research</tableOfContents>
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<topic>Riesgos catastróficos</topic>
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<topic>Catástrofes naturales</topic>
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<topic>Riesgos extraordinarios</topic>
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<topic>Estabilidad financiera</topic>
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<topic>Reaseguro</topic>
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<geographic>Europa</geographic>
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