The number of natural disasters has increased enormously over the past 20 years. In the year 2010 alone, a multitude of natural events occurred. The extent of the damage caused by these events is often immense. The frequency and increasing intensity of these occurrences repeatedly raise discussions about their causes and possible solutions. Many suspect that anthropogenic climate change is responsible, which could have even more devastating effects in the future. This paper deals with the insurance of environmental risks in the context of climate change. It addresses the central questions of whether natural hazards are insurable at all, how their risks can be appropriately calculated, and what means can be applied within the framework of successful risk management. First and foremost, the terminology will be examined.