French insurers facing climate change

According to France Assureurs, the insured losses caused by natural disasters have reached 10.6 billion EUR (11.5 billion USD) in 2022. This is the second year with the highest number of losses since the creation of the Nat-Cat compensation scheme in 1982.

The severe hailstorms that hit France have alone cost local insurers 5.1 billion EUR (5.5 billion USD).

The past year has also been marked by historical drought spells with a cost of 2.9 billion EUR (3.1 billion USD). The Caisse Centrale de Réassurance (CCR) is expected to bear 1.77 billion EUR (1.9 billion USD) of that amount.

In view of the sharp rise in the loss experience, insurance companies are calling for climate risk awareness to become a national priority.