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New EU funded project: H2020_Insurance

01/05/2017 - The H2020_Insurance project "Oasis Innovation Hub for Catastrophe and Climate Extremes Risk Assessment", started on the 1st of May 2017 and will run until April 2020. The project is coordinated by PIK and is financed by the EU within the H2020 Societal Challenge 5, Topic "Exploiting the added value of climate services".
New EU funded project: H2020_Insurance

Credits: Pixabay

Globally, there is increased concern of the potential impacts of extreme climate events and their impact on loss and damage of people, assets and property as a result of these events. Therefore, natural partners in using climate services to assess risk are the Global Insurance Sector, who are key implementers in increasing societies resilience and recovery of extreme events and who are integral, co-design partners in this programme.

The H2020_Insurance Project intends to operationalize a system, called the Oasis Loss Modelling Framework, that combines climate services with damage and loss information and provides a standardised risk assessment process that can assess potential losses, areas at most risk and quantify financial losses of modelled scenarios. We intend to prove the Oasis LMF system through undertaking a range of demonstrators linked and codesigned to ‘real’ situations and end-user communities in the insurance, municipalities and business sectors (see list of partners & collaborators). These demonstrators have already been agreed with our end-users and develop work around hydro-climatic risk (in the Danube Region), Typhoon Risk, African Farmer Risk – through using climate information to support the underwriting of micro-insurance, climate v health and climate v forest asset risk assessment. We also intend to further expand access by all sectors to the models, tools and services developed within this programme and the broader climate services sector by operationalizing an open eMarket place and matchmaking facility for catastrophe and climate data and models, tools and services and through broadening awareness in the climate modelling and end-users communities to the Framework, and the transparent and comparable standard it offers to support evidence based risk assessment and adaptation planning.

PIK is the overall coordinator of the project, and further leads the flood risk demonstrator and the farmer micro-insurance´ demonstrator.

Contact: Fred Hattermann

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