Ladies and Gentlemen,

Good morning, everybody. Its great to see you all here.

Let me commend Insurance Europe for organizing this event.

Twenty years ago, in business school, I was introduced to a book titled Against the Gods by Peter Bernstein.

This book illustrated how ancient civilizations viewed risk as the whims of the Gods, seeing the future as unpredictable.

The Renaissance and Enlightenment changed this with figures like Pascal and Fermat developing probability theory.

Insurance became a cornerstone of modern risk management, transforming risk into a manageable cost.

Its a pleasure to speak here, especially with my past in finance and insurance.

(Todays economic reality of climate change)

As Climate Commissioner, I need your help to tackle climate change.

Europe is warming faster than any other continent, leading to more extreme weather events.

Economic losses from these events in the EU are rising, with only a quarter being insured.

Climate change poses risks to citizens, businesses, governments, and the insurance sector.

(Way forward)

We must address several questions: How to proceed with increasing climate events and what economic opportunities exist?

Firstly, we need to cut emissions to become climate neutral by 2050. Despite geopolitical challenges, climate action is essential.

Secondly, enhancing climate resilience is crucial. Well introduce a European Climate Adaptation Plan in 2026, involving stakeholders like the insurance sector.

Your role as institutional investors positions you to support long-term investments in renewable energy and infrastructure.

We aim to raise awareness and improve financial education about climate risks.

With the Adaptation Plan, we seek to guide governments, citizens, and businesses in mitigating risks.

By fostering a climate-resilient market, we can stimulate private investment and encourage proactive risk management.

Ladies and Gentlemen, dear friends,

In this era of climate change, we face challenges reminiscent of pre-enlightened times.

However, history shows us that with rational tools and investment, we can overcome these challenges.

Our future isnt predetermined; were shaping it today, and your involvement makes it more secure.

Thank you for your attention.