Imagine trying to buy insurance for a house in a flood zone, but the insurance company says the risk is too unpredictable to cover. This project creates a new way to price and provide insurance by rewarding people who take steps to protect their property first. It uses satellite data and real-world testing to make sure these policies are affordable and actually work when disaster strikes.
There is a significant 'protection gap' where climate-related risks are too high or unpredictable for traditional insurance to cover. This leaves regions and individuals vulnerable to financial ruin after climate disasters.
The project developed 8 case study story maps, damage curves for risk quantification, and a multi-level Community of Practice for knowledge exchange.
If you are an insurance provider dealing with unpredictable climate risks and a growing protection gap — this project developed tested insurance products that reward proactive prevention measures. This allows you to increase coverage while reducing risk through co-designed solutions.
If you are a regional authority dealing with the high cost of climate disaster recovery — this project developed an enabling framework for affordable insurance schemes. This helps you ensure that no one is left behind during climate adaptation efforts.
If you are a tech company dealing with a lack of accurate climate risk data — this project developed damage curves and case study story maps. These tools enable more accurate risk assessments and improved future planning for your clients.
Based on available project data, the project focuses on developing 'affordable insurance schemes,' but specific pricing models or costs are not provided.
The project utilizes a network of 3 pilots and 5 satellites across different geographical areas to move solutions from research to demonstration and testing.
Based on available project data, the project results are delivered as a set of best practice materials and a Community of Practice; specific licensing terms are not mentioned.
The project period runs from 2023-09-01 to 2026-02-28, indicating that testing and demonstration are ongoing until early 2026.
The project analyzes the role of public sector modernisation to create an enabling environment for these insurance products.
The consortium is heavily industry-driven, with 16 industry partners (48% ratio) and 6 SMEs, suggesting a strong focus on commercial viability. With 33 partners across 8 countries, the project has significant geographical reach and a balanced mix of 12 'other' organizations (likely public bodies) and 5 research/university entities, ensuring that the insurance products are tested against real-world regulatory and market needs.
Contact the Basque Centre for Climate Change (BC3) for details on the Community of Practice.
Contact us to connect with the SOTERIA Community of Practice for climate insurance implementation.
