MADRID, 19 Jul. (EUROPA PRESS) –
Only 27% of the economic losses caused by natural catastrophes in Spain between 1981 and 2021 were covered by insurance, according to a report prepared by the credit rating agency DBRS and published this Wednesday.
In this way, the rating agency considers that the insurance gap is “high” in the European Union, where on average insured losses are 25%, although they reach 99% in some cases.
“In the absence of significant incentives, the insurance gap could further increase as climate change increases the risk of more frequent and disruptive weather events, causing a commensurate rise in premiums,” DBRS has indicated.
The largest insurance gaps (99%) occur in Hungary and Greece, while the highest insurance protection occurs in Denmark or Luxembourg.
DBRS, which estimates these data based on data from Eiopa, has indicated that in the last 40 years, economic losses of 26,000 million have been generated in Spain due to floods. Of that number, only 30% was insured. In second place are wind storms, with 14,000 million losses, of which only 24% had insurance.
In the medium and long term, DBRS estimates that the fiscal risks emanating from extreme weather events will be “moderate” and “manageable” in Spain, despite being one of the most exposed countries in the EU.
