PIISA project will develop new insurance concepts and products to increase climate adaptation

Adaptation to the changing climate and reducing climate risks are essential for all actors across society. At the moment, there is an adaptation gap, meaning that the level of implemented adaptation is insufficient to meet the adaptation targets. Insurance companies can help in filling the gap by encouraging insurance users to better prepare and adapt to the changing climate and reduce risks.

The newly started Piloting Innovation Insurance Solutions for Adaptation (PIISA) project under the Horizon Europe programme will develop new insurance concepts and products for three sectors: cities (considering nature-based solutions and well-being), agriculture, and forestry sector. The PIISA project will first pilot the concepts in specifically chosen locations with key stakeholders, and then it will assess their potential for wider uptake. 

PIISA aims to develop and deploy a range of insurance innovations to cover at least 50% of losses attributable to climate change effects in Europe. The project hopes to support households, firms, and public authorities to set up adaptation and create adaptation promoting conditions. 

The three-year PIISA project is coordinated by the Finnish Meteorological Institute. The project consortium includes 12 organisations from 5 European countries, including research organisations, climate information services, consultancies, and insurance companies. They will co-develop climate resilient insurance portfolios, as well as solutions for sharing climate-related risk and losses data. Tyrsky Consulting will be leading the dissemination, exploitation and communication activities and facilitating  stakeholder engagement in pilots as well as in the broader project context. Furthermore, Tyrsky’s senior expert Adriaan Perrels will contribute to the mapping and analysis of the current insurance portfolio in Europe in order to understand gaps and associated obstacles for insurance innovation and uptake. 

Find out more about PIISA from project website: https://piisa-project.eu/ 

You can also follow PIISA in X: @PIISA_Project  and LinkedIn: @PIISA Project.