Last week, SOTERIA, the EU Risk Data Hub (RDH), and EIOPA came together to discuss how better access to insurance loss data and stronger catastrophe models can help policymakers and insurers build climate resilience. The discussion focused on how regional and local decision-makers can use insurance data to develop more effective climate adaptation strategies.

Climate change is increasing the frequency and severity of disasters, yet gaps in insurance coverage and loss data make it difficult for governments and insurers to assess and manage risks. Without comprehensive data, authorities struggle to understand the financial impact of disasters, improve catastrophe models, and develop evidence-based adaptation strategies. Strengthening access to high-quality data is key to ensuring that regions across Europe can prepare for and respond to climate risks effectively.

Key Takeaways from the Discussion

• ~ Closing knowledge gaps on climate impacts by using insurance loss data.
• ~ Improving digital tools for climate risk assessment and management.

SOTERIA plays a critical role in bridging the gap in climate insurance coverage and strengthening Europe’s ability to prepare for climate-related risks. The project aligns with the EU Green Deal, the EU Strategy on Climate Change Adaptation, the Sendai Framework for Risk Reduction, and the EU Taxonomy by enhancing climate risk management tools, developing mechanisms to collect and share standardized climate risk and loss data, and integrating insurance loss data with platforms like the Risk Data Hub and Copernicus. A key goal is to increase participation from the insurance sector, aiming for at least ten insurers to join the RDH.

As part of these efforts, SOTERIA is identifying barriers preventing local decision-makers from accessing and utilizing RDH data. It also tests how detailed insurance loss data, such as from Norway’s Knowledge Bank, can be integrated into the RDH. Additionally, discussions with EIOPA are underway to align SOTERIA’s work with broader EU initiatives on climate risk analysis and response.

Strengthening data-sharing frameworks is essential to increasing Europe’s preparedness for climate risks. By ensuring that insurance loss data is accessible and actionable, policymakers, insurers, and communities can make more informed decisions, leading to a more resilient future.