24 April 2023By Casper Christophersen, Margherita Giuzio, Hradayesh Kumar, Miles Parker, Hanni Schölermann et al. The EU has a problem with climate catastrophe insurance: only a quarter of the losses from climate-related disasters are covered. Greater coverage could reduce the economic damage that results from them. This joint ECB-EIOPA post for The ECB Blog looks at ways to make this happen.Drought affected two-thirds of the European Union in 2022, likely the worst episode in 500 years. Agricultural production withered, river transport was disrupted and hydroelectric power generation fell, which exacerbated...