Closing the climate insurance protection gap in Belgium

In a proactive response to the growing challenges posed by climate change, the Climate Change Service of the Federal Public Service Health, Food Chain Safety, and Environment recently hosted a critical workshop on October 16, 2023, dedicated to addressing Belgium’s Climate Insurance Protection Gap (CIPG). With the increasing frequency and severity of global extreme weather events at the forefront of discussions, the workshop aimed to generate concrete proposals for the impending Belgian National Adaptation Plan (NAP). Approximately sixty participants, including key stakeholders, engaged in discussions that delved into the challenges and opportunities associated with climate insurance, resulting in a condensed yet comprehensive report.

The urgency of this workshop stems from the identified inadequacies in the current coverage and risk-sharing mechanisms between public and private sectors when it comes to climate-related risks. Stakeholders emphasized the crucial need to close the CIPG, recognizing its impact on citizens, businesses, and public authorities alike. The catastrophic floods in Wallonia in 2021 served as a stark reminder of the urgency, triggering regional initiatives and substantial financial commitments to address the aftermath. The workshop underscored the vital role of collaboration in tackling these challenges and highlighted the importance of innovative policies, affordable insurance coverage, institutional coherence, and proactive prevention measures. To gain an in-depth understanding of the proposals and insights emerging from this crucial event, we encourage readers to explore the full report of the workshop.