Novel insurance options

Risk, Policy and Vulnerability (RPV) researchers presented novel suggestions for regional risk management platforms. Suggestions included risk insurance pools to manage climate loss and damage, which are gaining traction in the Caribbean, Pacific, Africa and recently Europe.

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Risk Insurance

Given rising losses and costs of extreme events, of which a large part is uninsured, and changing extremes in a changing climate, novel thinking on applicable insurance options is necessary. 

RPV is a lead partner in discussions regarding the role of insurance-related solutions under the United Nations Framework Convention on Climate Change (UNFCCC), in particular the Loss and Damage work programme.

Recently IIASA collaborated with the Munich Climate Insurance Initiative (MCII) in putting forward ideas for regional risk management platforms, including risk insurance pools, to manage climate loss and damage. This idea is gaining traction with regional public risk-sharing institutions after seeing implementation in the Caribbean, Pacific, Africa, and recently Europe [1]. 

References

[1] Warner K, Kreft S, Zissener M, Höppe P, Bals C, Loster T, Linnerooth-Bayer J, Tschudi S, Gurenko E, Haas A, Young S, Kovacs P, Dlugolecki A, Oxley A. (2013). Insurance solutions in the Context of Climate-Change-Related Loss and Damage: Needs, Gaps, and Roles of the UNFCCC in Addressing Loss and Damage. In: Ruppel, O.C., Roschmann, C., Ruppel-Schlichting, K. (2013): Climate Change: International Law and Global Governance, Volume II: Policy, Diplomacy and Governance in a Changing Environment, Baden-Baden: Nomos

Collaborators

UN Framework Convention on Climate Change (UNFCCC);
Munich Climate Insurance Initiative (MCII).


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Last edited: 22 May 2014

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