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As climate change accelerates in the 21st century, the need to consider its effects is growing, particularly with regard to emerging risks and their impact on the insurance sector on a global scale. As a result, financial and insurance institutions must integrate environmental factors into their risk management frameworks.
The consequences of climate change extend beyond financial aspects related to transition risks, also influencing physical risks, including the quality of life of policyholders. Among these physical risks, air pollution is receiving increasing attention due to its significant impact on public health, especially in the context of personal insurance.
The latest estimates from the European Environment Agency (EEA) indicate that in 2022, 96% of the EU's urban population was exposed to PM₂.₅ concentrations above the World Health Organization (WHO)’s recommended level. Additionally, at least 328,000 deaths in the EU27 in 2021 were attributable to exposure to air pollution.
In response to these challenges, regulatory bodies such as the European Insurance and Occupational Pensions Authority (EIOPA) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) are developing methodological frameworks to quantify the impacts of climate factors on the insurance sector. These frameworks also aim to assess how air pollution affects financial stability, particularly through the lens of increasing claims experience.
In this context, understanding the links between air pollution, mortality rates, and insurance risk modeling is crucial for developing long-term, forward-looking strategies that address the impacts of climate change, including the impacts of air pollution in personal insurance.
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