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Towards a European System for Natural Catastrophe Risk Management?
Across the globe we are witnessing an increase in the frequency and severity of extreme weather events, such as floods, windstorms and wildfires. The number of recorded natural disaster events has risen sharply since the 1970s, with more than 300 such events occurring every year between 2000 and 2023. Between 1981 and 2023, natural disaster events caused around € 900 billion in direct economic losses in the European Union (“EU”), with more than a fifth of the losses occurring in 2021 to 2023 (2021: € 65 billion; 2022: € 57 billion; 2023: € 45 billion). In 2024, insurers’ estimated natural catastrophe losses globally reached US$ 135 billion, which is above the previous 10-year average of US$ 98 billion.
1. Introduction
Over the last decades, only about a quarter of economic losses in the EU were insured, but this share was lower than 5% in some EU countries. Austria’s greatest exposure is to river and surface water flooding (with extreme flood events in August 2002, June 2013 and September 2024), whilst windstorms and wildfires have been classified as medium risks. It is estimated that only 50 to 75% of households and businesses in Austria have insurance cover for flood and windstorm ...