According to the 2015 Paris Agreement insurance is an important instrument to minimize loss and damage associated with the adverse effects of climate change, including extreme weather events. Insurers need to keep risks insurable and to try to make emerging risks insurable that are not covered yet. Insurers can share risks effectively through reinsurance and that helps to reduce the higher volatility caused by climate change. Creative thinking in product design can support the business. Public-private partnerships can help cover very extreme events. The extension of flood coverage in the Netherlands over the past two decades is a good example of new coverage for risks that were previously uninsured.