Project on Climate Adaptation and the Insurance Sector Concludes – Tyrsky Led Communication and Engagement

Tyrsky led the overall communication and stakeholder engagement for the three-year Piloting Innovative Insurance Solutions for Adaptation (PIISA) project. Examining the insurance sector and climate change adaptation, the project brought together 12 organizations from five different countries, coordinated by the Finnish Meteorological Institute. The project was extensive: it included five pilot projects across different European countries, lasted three years, and received nearly 3 million euros in funding from the Horizon Europe program.

The project specifically investigated insurance products that promote climate change adaptation, as well as the bottlenecks and opportunities for their adoption. Furthermore, the project’s pilots collected data and developed various tools related to green roofs, agriculture and forestry, soil changes, and wildfires across different European countries.

Diverse Engagement and Collaboration

Over the three-year period, the project organized several events presenting its results, including a webinar series detailing the pilot outcomes and a hybrid final seminar in Amsterdam. Tyrsky also coordinated three roundtables aimed at decision-makers and facilitated interaction with various stakeholders.

The project also collaborated closely with other similar EU-funded initiatives. Over the years, joint events were organized with projects such as SOTERIA, which investigates insurance products to support adaptation, and NATURANCE, which explores the integration of nature-based solutions into the insurance and financial sectors.

Aiming for Visible Results and High-Impact Communication

The project conducted diverse research and generated valuable knowledge, which Tyrsky was responsible for communicating in an easily accessible format. Under Tyrsky’s leadership, the project produced numerous blog posts, fact sheets, and information packages presenting the results. In particular, a policy brief summarizing insights for decision-makers and a white paper targeted at the insurance sector highlight key takeaways from the PIISA project.

• Policy Brief: Innovative insurance products can respond to damages caused by climate risks faster and more efficiently than traditional insurance, but their implementation requires changes to the regulatory environment. The policy brief produced in the project outlines clear national and EU-level policy changes that would facilitate the adoption of these insurance solutions.

• White Paper: Shifts in weather patterns driven by climate change increase damages and reduce predictability, leading to rising insurance premiums and pressure on companies to build up reserves. The white paper aimed at the insurance industry provides an information package and recommendations based on the findings of the PIISA pilots: climate-resilient insurance solutions are technically feasible and economically sensible, but substantial work remains to achieve their widespread adoption.

All materials produced during the project are available on the PIISA project website: https://piisa-project.eu/

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