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Insurance can play an important role in helping societies cope with and recover from intense weather incidents. The EU-funded H2020_INSURANCE project is using an operational system called the Oasis Loss Modelling Framework to provide standardised risk-assessment processes. This will assess potential losses, identify which areas are most at risk, and quantify financial losses of modelled scenarios.
Oasis is being designed using real situations and in consultation with end-user communities, including insurers, municipalities and businesses.
The project is taking a broad view by looking at five different sectors: hydro-climatic risk in the Danube region, typhoon risk, African farmer risk, climate versus health, and climate versus forest asset risk assessment. It aims to promote immediate and long-term benefits in these sectors.
In the Danube, a future insurance model is being developed to concentrate on infrastructure resilience to climate catastrophes. For typhoons, a catalogue of historical typhoon events is being created and long-range seasonal forecasts of landfalling typhoons are being carried out.
As regards smallholder farmers in Tanzania, the project aims to demonstrate how micro-insurance schemes can enhance the ability of farmers to adapt to climate change. In the health sector, heat stress and air pollution affecting people with cardiopulmonary diseases are being studied in two cities in Germany. The project will investigate the effectiveness of measures designed to reduce these impacts.
In the final study, a prototype of a recent fire-prevention tool called RiskFP, which uses geo-information and spatial data analysis, is being adapted for the forest insurance sector.
The H2020_INSURANCE project is expanding access to the insurance models, tools and services it develops by operating in an open eMarketplace online portal. It is also creating open software which will be easy to understand and free of charge. By the end of the project, the researchers hope to have a proven business model and an operating company able to promote a range of climate-related services.