WORKSHOP | Parametric insurance solutions to close the protection gap
The fourth technical workshop took place in Venice, Italy on July 9, 2024. It was organized by CMCC and brought together 8 representatives from climate change projection research, a regional regulating body, and the insurance sector (Generali and ANBI Veneto).
The workshop built on previous discussions to collaborate on best practices and approaches in the field of climate forecasting to inform parametric insurance product design. Data needs for the insurance sector were discussed, and included environmental impact records and a time series on physical and economic damages of natural and climatic events.
In addition to data, a more general expertise in risk assessment was identified as an important aspect to designing and pricing parametric insurance. Together the group identified future areas for collaboration on product design and development, beginning with a focus on policies that address hurricanes and hail for initial model validation.
Future plans were made to expand this collaboration on informing parametric insurance design drawing from findings from the NATURANCE project.