IA 3.3. Parametric solutions for insurance products

OVERVIEW

Status

100%

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 covering accurate assessment of burnt area (and severity) to allow for more efficient pay-out and claim resolution schemes, and the design and definition of the triggering conditions for the parametric products.
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
Technology Readiness Level (TRL)	7
Documentation	D3.5 Technical report on methodology and procedure to design and setup parametric-insurance products for wildfires D3.6 Modelling agent for one risk transfer solution Mitiga company website
This IA is implemented in the Living Lab(s)…	Catalonia, Portugal, Galicia