Insurance systems are vital in a context where present and future consequences and risks associated with climate change are becoming palpable. The Spanish "Extraordinary Risk Insurance” (ERI). It is managed by Consorcio de Compensación de Seguros (CCS), a state-owned enterprise, that covers damages caused by so-called "extraordinary risks", which may be caused by natural phenomena. This includes, among others: floods (fluvial, pluvial, and coastal) and windstorms.