Project description
Innovative insurance for climate resilience
The increasing severity of climate-related disasters underscores the need for stronger adaptation efforts. While physical and organisational measures are vital, financial strategies, such as insurance and risk-sharing solutions, also play a crucial role in mitigating climate risks. Innovative insurance models can encourage proactive adaptation, ensuring both individuals and societies become more resilient. In this context, the EU-funded PIISA project will develop novel insurance solutions that incentivise households, businesses, and public authorities to take adaptive measures. Focusing on agriculture, forestry, and urban resilience, PIISA combines scientific research with real-world demonstrations. With 12 partners and pilot programmes in eight countries, PIISA is pioneering climate-resilient insurance portfolios to protect communities from floods, droughts, wildfires, and storms.
Objective
The EU Member States should step up their climate change adaptation efforts alongside their intensifying mitigation efforts. Next to and in conjunction with physical and organizational measures, that directly reduce climate change risks, insurance and related risk sharing solutions have an important role to play. Innovative insurance solutions and risk sharing are crucially needed to incentivize adaptation efforts, in terms of both volume and effectiveness, while also directly contributing to building more resilient societies.
The PIISA project aims to develop and deploy a range of insurance innovations that incite households and firms to adapt proactively and sufficiently for their own sake and their neighborhood’s sake. PIISA also incites public authorities to set up adaptation and create adaptation promoting conditions. PIISA co-develops climate resilient insurance portfolios and develops solutions for sharing losses and climate risk data.
The PIISA project matches scientifically underpinned new insurance concepts with hands-on demonstration of their operability, effectiveness, and acceptability. Extensive user involvement, contextual sensitization, affordability and viability are key features of the new products. The choice of new product developments and sectoral applications will be based on a careful analysis of the adaptation and insurances gaps and their interactions, as well as on deepening product-market feasibility analyses.
PIISA focal sectors are agriculture, forest sector, and cities and citizens’ well-being, involving a host of climate enhanced hazards such as floods, droughts, forest fires, biotic risks, and various types of storms. The consortium counts 12 partners from 5 countries. PIISA involves 3 insurance companies who will actively participate in the insurance pilots conducted in 8 countries, also using their vast multi-million customer base.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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HORIZON.2.5 - Climate, Energy and Mobility
MAIN PROGRAMME
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HORIZON.2.2 - Culture, creativity and inclusive society
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HORIZON.2.4 - Digital, Industry and Space
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HORIZON.2.3 - Civil Security for Society
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HORIZON.2.6 - Food, Bioeconomy Natural Resources, Agriculture and Environment
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
HORIZON-RIA - HORIZON Research and Innovation Actions
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) HORIZON-MISS-2022-CLIMA-01
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
00560 Helsinki
Finland
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.