European Commission to examine natural catastrophe insurance

by Gill Montia

Story link: European Commission to examine natural catastrophe insurance

The European Commission is to undertake an in-depth examination of insurance schemes that cover natural catastrophes, particularly flooding.

The Commissioner for Internal Market and Services, Michel Barnier, recently told the European Parliament in Strasbourg that the study will identify examples of best practice and fix priorities at an appropriate level.

The work will involve dialogue between Member States plus input from insurance experts and other stakeholders, and will form the basis of a conference to be organised by the Commission during 2011.

This announcement came in response to an oral question by Irish MEP, Seán Kelly, regarding the “inability of the market to provide adequate cover” against flooding in certain Member States.

Mr Kelly’s question followed the severe flooding in Ireland and the UK in November and December.