IA 3.3. Parametric solutions for insurance products

OVERVIEW

Status

75%

What kind of result is this?	Methodology
What’s the area addressed?	Economic drivers, Incentives and Insurance Solutions Landscape and Economy
What’s the covered phase?	Design and testing
What’s the addressed challenge?	Create a methodology for wildfire parametric-insurance product.
What value is proposed?	A specialised wildfire parametric-insurance product will be designed and tested, covering the accurate assessment of burned area (and severity) to allow for a more efficient pay-out and claim resolution schemes, and the design and definition of the triggering conditions for the parametric products, based on strong technical and computational frameworks
Who can use it?	Mainly, insurance companies
What type of tool is it?	Modeling fire danger and risk
How does it look like?	Temporal time series of danger and risk maps. Risk ratings.
This tool is…	☐ a new tool	⊠ an improved tool
What are the vision & mission statement?	Provide feasible insurance products for wildfires
When will it be complete?	2025
Documentation	IA 3.3b Brie f: Modelling agent for one risk transfer solution , Mitiga company website
This IA is implemented in the Living Lab(s)…	Catalonia, Portugal