On 18 December 2024, the European Central Bank and European Insurance and Occupational Pensions Authority issued a paper which proposes a possible EU-level solution to address the widening gap in natural catastrophe insurance protection in Europe. The paper analyses 12 existing national natural catastrophe insurance schemes and how they employ private and public funds to address the protection gap. Building on existing national and EU structures, the paper spells out a possible EU-level solution composed of two pillars – an EU public-private reinsurance scheme and an EU fund for public disaster financing.