PIISA addresses the following Specific Objectives (SO) to co-develop and share best practices and fill in the gaps in the insurance coverage for climate change adaptation:
– Develop a collection of weather and climate risk insurance solutions/products and best practices that could be included in existing other products or replicated as new products to other areas to support adaptation in EU regions and communities (SO 1)
– Develop and implement mechanisms to collect and share comprehensive and harmonized data on climate-related risks and losses. The developed and approved mechanisms and data will be integrated with the risk platforms as is the Risk Data Hub (SO 2)
– Develop guidance capturing best practice on insurance pricing encouraging users to invest in adaptation and ensuring affordable insurance cover (SO 3)
– Trial innovative risk transfer to deal with climate-induced risk, including parametric insurance of nature-based solutions (SO 4)
– Provide direct support to the Atlantic, Boreal, Continental and Mediterranean regions by Piloting insurance concepts (SO 5)
– Feed into the deliberations of the Climate Resilience dialogue making available draft deliverables in various means of dissemination. (SO 6)
– Engage in 3 or more regions (vulnerable to different climate risks, presenting advice on insurance gaps to be addressed by public budgets in regions. Providing guidance and support regarding types of insurance products that would best address the region’s climate risk. Presenting advice on managing insurance and adaptation gaps to be addressed by public budgets in the regions. Sharing topical state-of-the-art knowledge, best practices, and emerging innovations on insurance solutions to a wider audience via the extensive network of PIISA (SO 7)
– Open up opportunities in the insurance market for cutting edge risk transfer solutions (SO 8)
– Reinforce policy frameworks to facilitate the allocation of substantial additional national and regional budgets to increase the penetration in the EU of insurance solutions to deal with climate-induced risks. (SO 9)

CMCC role
CMCC is involved in all the project Work Packages (WP); in particular CMCC is leader of WP1 focusing on Innovation in insurance solutions. Moreover CMCC will provide a substantial input to WP3 focusing on the study of 5 pilot cases. 

Activities
PIISA is structured in 5 Work Packages (WP):

• WP1: Innovation and insurance solutions
• WP2: Innovations in adaptation and climate services for insurance
• WP3: Pilots
• WP4: Dissemination, exploitation and communication
• WP5 : Project Management.

Expected results
PIISA expected results are:
1. Analysis of the insurance coverage gap related to cities and health, food/agriculture and forests.
2. Enhancing the understanding of citizens of climate change impacts and the already existing insurance products they could use.
3. Better alignment between clients’ expectations and insurance coverage
4. Combining forces among to generate innovative products.
5. Innovative risk transfer solutions.
6. Sustainability plan beyond the project lifetime
– the climate risk data sharing mechanism
– the applications of the new insurance solutions.

Partners
Tyrsky-Konsultointi Oy (Tyrsky), Finland
Barcelona Supercomputing Center – Centro Nacional de Supercomputacion (BSC CNS), Spain
Axa Climate (AXA Climate SAS), France
Stichting Climate Adaptation Services (STICHTING CAS), The Netherlands
Stichting VU (STICHTING VU), The Netherlands
Fondazione Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC), Italy
Amigo srl (AMIGO SRL), Italy
Asso 2 Investing Initiative (2DII), France
Politecnico di Milano (POLIMI), Italy
LGI Sustainable Innovation (LGI), France
Lähi Tapiola Palvelut Oy (Local Tapiola), Finland 

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LinkedIn: @PIISA