The PIISA project will co-develop climate resilient insurance portfolios, as well as develop solutions for sharing climate-related risk and losses data. The focal sectors benefiting from the project are agriculture, forestry, cities and citizens’ well-being, tackling a host of climate enhanced hazards such as floodings, droughts, forest fires, biotic risks, and various types of storms. The PIISA project consortium has 12 partners from 5 countries.
The PIISA project develops new insurance concepts or products focusing on green roof insurances, soil stability risks for homeowner policy holders, insurance and climate services for agriculture, forest insurances for biotic and abiotic risks, and wildfire insurance enhancing adaptive action. The concepts or products are first piloted in specifically chosen locations with key stakeholders, and then their potential for wider uptake will be assessed. PIISA involves insurance companies who will actively participate in the insurance pilots conducted in 8 countries, also using their vast multi-million customer base.
The PIISA project will first pilot the concepts in the specifically chosen locations with key stakeholders. 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 insurance gaps and their interactions, as well as on deepening product market feasibility analyses.
By providing better understanding of climate change risks and of division of tasks between adaptation driven risk reduction and risk sharing, the preparation and planning for climate resilience will be enhanced. This means provision of additional open access risk data, insurance concepts for replication, and related context-sensitized business models. Through a smart replication system the transformations to climate resilience are accelerated. This means that innovations will be transferred to other eligible sectors as well as to other regions and countries in the project and beyond the project thanks to the large customer base of the involved insurance companies and collaboration with concurrent projects and key stakeholders. By showing the feasibility and effectiveness of recently initiated insurance products as well as indicating and evidencing the potential for additional innovations elaborated in the project, the systemic transformations to climate resilience will be demonstrated.
