Imagine an insurance policy that doesn't just pay out after a disaster, but actually encourages you to build a stronger house or plant tougher crops to prevent the damage. It's like a smart safety net that uses real-time weather data to reward people for protecting their property. This helps cities and farmers stay afloat even as storms and droughts become more common.
Traditional insurance often fails to incentivize proactive climate adaptation, leading to higher losses and uninsurable risks in agriculture, forestry, and urban areas.
A set of climate-resilient insurance portfolios and data-sharing solutions for risks like floods, droughts, and wildfires. These include specific products for green roofs, soil stability, and forest biotic risks.
If you are an insurance provider dealing with unpredictable climate losses — this project developed new insurance concepts for green roofs and soil stability that reduce risk. By using the project's risk data sharing solutions, you can create more affordable and viable policies for millions of customers.
If you are a farming cooperative dealing with droughts and biotic risks — this project developed climate services and insurance for agriculture. This allows farmers to proactively adapt their methods while maintaining a financial safety net.
If you are a forest manager dealing with wildfires and pests — this project developed forest insurances for biotic and abiotic risks. This provides a mechanism to share losses and incentivize adaptive actions to protect forest assets.
Based on available project data, the project focuses on ensuring 'affordability and viability' of the new products, but specific pricing models or premiums are not listed.
Yes, the project involves 3 insurance companies that intend to use their 'multi-million customer base' to accelerate the uptake of these innovations.
Based on available project data, the project provides 'open access risk data' and 'insurance concepts for replication,' suggesting a model geared toward wide transfer rather than restrictive licensing.
The project develops specific solutions for sharing climate-related risk and losses data to better understand the division between risk reduction and risk sharing.
The project period runs from 2023-06-01 to 2026-05-31, indicating that pilots and feasibility assessments are ongoing through May 2026.
The consortium is heavily weighted toward commercial application, with a 42% industry ratio consisting of 5 industry partners, including 3 SMEs. The collaboration spans 5 countries and 12 partners, blending academic research (2 universities, 3 research institutes) with market-driven insurance companies to ensure the products are viable for a multi-million customer base.
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Contact us to connect with the PIISA consortium for climate-risk data integration.
