The role of decision support tools for public-private climate risk insurance solutions at COP23
This year’s delegations at the Climate Change Conference (23rd Conference of the Parties) need to prove their commitment to the climate-related obligations passed in Paris 2015 and Marrakesh 2016.
2017 - A DIFFICULT YEAR
2017 has again seen some significant extreme events, with six major Atlantic hurricanes, wildfires in Portugal, Spain and California, earthquakes impacting Mexico, Guatemala, Chile and Peru, and flooding and landslides in Africa, to name just some.
COLLABORATION FOR ADAPTATION
In a bid to better prepare for these extreme weather and natural hazard events, and respond more efficiently, collaborative initiatives may hold the key. Orchestrating the specialist partners to deliver tangible benefits is a mixture of art, science, and hard work.
At COP 23, in Bonn on 13th November, an example of one such collaborative project will be presented at a side event in the Bonn Zone.
MEET THE TEAM
COP 23 can illustrate how collaboration can bring partner organisations and compatible tools to assess Climate Risk together. Two European collaborations around Climate Insurance have come together in a session: "The role of decision support tools for public-private climate risk insurance solutions."
The partners involved in developing a range of Climate Risk Tools are:
- German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE)
- Munich Climate Insurance Initiative (MCII), Potsdam Institute for Climate Impact Research (PIK),
- Oasis Loss Modelling Framework (LMF),
- Oasis Hub Ltd
- Potsdam Institute for Climate Impact Research
- the H2020_Insurance Team (a collaboration of over 20 research, academic, SME's and Insurers)
DIE located in Bonn, Germany, a leading think tank for international cooperation and global development. DIE’s work is on the nexus of Research, Policy Advice, and Training, creating a link between theory and practice.
Research at DIE is ideally suited to underpin projects of this type, taking as it does, theory as its basis, which in turn is empirically driven, and application focused.
Two threads that run throughout their roots are firmly grounded in risk. One is understanding the natural risks from and to the environment, and those that inhabit it, from extreme natural and weather events and the other being the innovative use of risk transfer tools. Dealing with the environmental risk aspects of the equation researchers from all over the world work at PIK, dealing in natural and social sciences and cooperate in studying global change and its impacts on ecological, economic and social systems.
MCII operates an extensive network of experts supporting new ways of applying insurance to support risk management and adaptation. MCII takes risk transfer tools from test through to proof of concept and replicable implementation models.
The H2020_insurance team is multi-disciplinary, pan-European and consists of 20 partners. Five diverse demonstrator projects are currently active, covering:
- ·
Hydro-climatic
risks in the Danube Region
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Climatic
forestry risks in Oregon, USA, and Australia
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Climate health
risks in Berlin and Potsdam
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Typhoon risk
in West Pacific
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Yield loss
risks in Eastern Africa
The H2020_Insurance project has received funding from the European Commission’s, Horizon 2020 research and innovation programme.
Combining the innovative partner network with a disruptive open source cat modelling platform which is open source to use by anyone, helps break down barriers created by traditional business as usual. Oasis Loss Modelling Framework (LMF) provides that open source platform and is also a community that seeks to unlock and change the world around cat modelling to better understand risk in insurance and beyond. While its development is largely driven by the global (re-)insurance community, it seeks to provide tools and utility to all.
Pulling the wider evidence-based data community together into one window and conduit for environmental and risk data is Oasis Hub, www.oasishub.co . It enables both free and commercial, global data providers to come together and sign post their important data sets, analytical tools and services on the site and is key to allowing easy search and access for all end-users who seek to analyse their climate risks, from national and local governments to industry.MEET THE TEAM IN PERSON
Come and see first hand, how this innovative partnership of policymakers, thinkers, scientists, insurers, engineers, consultants and software developers is changing the way we understand and prepare for extreme natural and weather-related events.
Where: EU-Pavillion, Room Brussels, Bonn Zone
When: Monday 13th November, 18:15 - 19:45