The European Commission (EC) is inviting proposals to address both the following aspects:
- Best practices and filling the gaps on insurance coverage for climate adaptation: The proposal should address barriers to the use of insurance for climate adaptation, and improve the insurance cover in regions and communities.
- Trialing and experimentation of insurance solutions in EU regions and communities: As climate impacts become more severe and frequent European regions and communities need to lead by example by procuring insurance solutions to transfer risks and compensate for loses. The proposal should build on the guidance developed under the first element and start piloting insurance solutions that can increase Europe’s resilience and preparedness to face unavoidable consequences of climate change.
This topic relates to all three objectives of the strategy, and is part of the key enabling conditions described in the Mission Implementation Plan, to test novel insurance solutions, insurance products and risk-transfer mechanisms.
The check will normally be done for the coordinator if the requested grant amount is equal to or greater than EUR 500 000, except for:
- public bodies (entities established as a public body under national law, including local, regional or national authorities) or international organisations; and
- cases where the individual requested grant amount is not more than EUR 60 000 (lowvalue grant).
Projects are expected to contribute to all of the following outcomes:
- A set of weather and climate risk insurance products to be used or replicated across EU regions and communities.
- Mechanisms to record, collect and share climate-related risk and losses data integrated within the Risk Data Hub , the Copernicus services, and other initiatives.
- Guidance on insurance pricing that reflect risks reduction measures, and to ensure affordable insurance cover.
- Trial innovative risk transfer solutions to deal with climate-induced risk, including parametric insurance and insurance of nature-based solutions.
- Advance public sector modernization when it comes to the demand for insurance solutions for climate adaptation.
- Open up opportunities in the insurance market for cutting edge risk transfer solutions.
- Reinforced policy frameworks to facilitate the allocation of substantial additional national and regional budgets to increase the penetration in the EU of insurance solutions to deal with climate-induced risks.
To be eligible for funding, applicants must be established in one of the eligible countries, i.e.:
- the Member States of the European Union, including their outermost regions;
- the Overseas Countries and Territories (OCTs) linked to the Member States;
- eligible non-EU countries:
- countries associated to Horizon Europe
- low- and middle-income countries.
For more information, visit https://bit.ly/3MxehjL