Piloting insurance solutions:
Eight Case Study story maps were developed, enhancing the visualization and communication of climate-related risks and solutions. Extensive data collection and analysis were conducted through literature reviews and stakeholder interviews, providing valuable insights into climate-related risks and supporting the development of robust risk assessment methodologies.
To quantify and evaluate the impact of various climate-related risks, damage curves were compiled, enabling more accurate risk assessments and improved future planning. Additionally, a multi-level Community of Practice (CoP) was established to engage stakeholders at different levels, fostering collaboration and knowledge exchange.
To ensure continuous monitoring and documentation of the progress within the SOTERIA Case Studies, a diary-based tracking system was implemented, allowing for systematic tracking of developments and key milestones.
Data sharing:
A comprehensive literature review was conducted to explore the definitions and frameworks for climate-related risks and loss data, establishing a strong foundation for the project's subsequent work.
The team mapped existing data hubs, portals, and platforms that support climate-related risk data and assessment tools, identifying key sources relevant to the SOTERIA project. Additionally, an overview of available data from SOTERIA pilot regions was collected and categorized into three main types: background data, risk and hazard data, and loss data, all of which contribute to more effective climate risk assessments.
To enhance data interoperability and harmonization across sectors, the collected data was evaluated against DCAT-AP standards. However, gaps were identified, particularly in regional and national portals that do not fully align with these standards. To address this, best practices for managing regional data were documented, promoting standardized approaches to data collection and sharing.
Further analysis was conducted using information from the Knowledge Bank (KB) platform and the Norwegian national data platform. A PESTEL model was designed to assess the political, economic, social, technological, environmental, and legal factors influencing recording, collection and sharing of climate-related risk and loss data.
Data models and digital tools, including the SOTERIA Ontology and API, are being developed to facilitate the use and exchange of loss data. Additionally, guidelines for loss data management are being established to standardize its recording, storage, and sharing.
End users have been mapped, and their specific needs regarding data formats and user interfaces for visualising climate-related and loss data have been identified. This serves as input to guide the alignment of developing interface prototypes with their expectations. Finally, work has begun on identifying the best available data for risk analysis in the pilot regions, contributing to climate risk assessments with the most relevant and reliable information.
Innovative insurance solutions: products, services and pricing:
The first edition of the Radar of Success Stories was developed, highlighting best-practice insurance solutions and innovative approaches within the sector. As part of this effort, Radar also demonstrated and confirmed the results of the final report under the Climate Resilience Dialogue, both in terms of identifying barriers and exploring ways to close the climate insurance gap, reinforcing its role in advancing climate resilience through innovative insurance solutions.
Additionally, the initial draft of guidance on insurance pricing, production, and services was prepared, focusing on best practices and emerging insurance solutions to enhance market effectiveness and resilience.
An Intellectual Property Rights (IPR) assessment was conducted to identify potential SOTERIA-based solutions that could be further developed and exploited, ensuring the project's innovations have long-term impact and scalability.
Furthermore, a report on sustainable insurance (SI) rules, principles, and metrics was compiled, providing a solid foundation for the development of sustainable and innovative insurance solutions that align with evolving industry standards and environmental considerations. As part of this effort, the project also initiated work on elaborating a results-based framework for shared resilience, aiming to enhance collaboration and accountability in climate and disaster risk management
Policy and governance enablers:
Three Climate Resilience Dialogues were organized through webinars, bringing together experts and stakeholders to discuss key challenges and solutions in climate adaptation.
A comprehensive analysis of the Spanish private insurance sector, the broader insurance system, and agricultural insurance was conducted. This review examined the national regulations governing these systems and their connections to climate change adaptation, providing valuable insights into their resilience and adaptability.
Additionally, a thorough assessment of European policies was carried out, including the European Climate Law, the EU Green Taxonomy, the CSR Directive, and the Climate Change Adaptation Strategy. The study evaluated how these policies influence the insurance sector and contribute to strengthening climate resilience across Europe.
