Bank of Greece holds third climate adaptation workshop focused on insurance protection gap and disaster claims data

The Bank of Greece, in collaboration with the Ministry of Environment and Energy and the Green Fund, held the third workshop in its LIFE-IP AdaptInGR series on climate change adaptation financing. The session focused on the role of insurance in adaptation, with discussion centered on the insurance protection gap in Greece and Europe and on the pressures climate-related natural catastrophes are placing on households, businesses and public authorities where coverage remains limited. The workshop examined claims data from natural disasters associated with climate change in Greece and reviewed the domestic insurance market’s challenges and opportunities as climate risks intensify. It also presented private-sector practices, case studies and insurance products and schemes developed in Greece and abroad. The session followed earlier workshops on the financial sector’s role in adaptation financing, stakeholder coordination, and financing frameworks and case studies.