EU financial supervisors have intensified their push for a continent-wide natural catastrophe insurance scheme, arguing that climate change has left a growing share of European property effectively uninsurable. The European Insurance and Occupational Pensions Authority (EIOPA) has calculated that only around a quarter of losses from natural catastrophes across the bloc were insured between 1980 and 2024. EIOPA went further on April 9, 2026, setting out with the European Stability Mechanism a continent-wide catastrophe pool supported by a loan-based public backstop. The European Commission is due to bring forward its climate resilience and risk management proposal later in 2026. EIOPA chairperson Petra Hielkema, whose mandate was extended for a second five-year term from September 2026, has warned of “insurance deserts” forming in high-risk regions.