Monsoon insurance by ClimateRe
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Thank you for participating in the 2016 Climate CoLab's Adaptation contest, and for the time you spent in creating your entry.
The Judges have strongly considered your proposal, and have chosen to not advance it as a Semi-Finalist for this contest.
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This proposal identifies a new model for insurance that is based on meteorological data rather than damage estimations. This is an exciting frontier of insurance as a tool for adaptation, but it isn't clear how the proponents would move from insurance design to uptake or implementation. It is also unclear how probability estimations would be incorporated into the insurance assessments. This is idea is being pilot-tested in some developing countries. It is suggested that learning from such initiatives be taken into account and partnerships be built for knowledge sharing. Also, along with raising awareness on insurance, climate-smart agriculture/conservation agriculture practices should also be promoted – not just paying back the damages but strengthening agriculture practices to cope with changing climate. The timeline and budget are vague and need to be detailed out properly to develop this idea into a tangible project proposal.
All the best,
2016 Climate CoLab Judges
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