| Popis: |
Insurance plays a crucial role in rebuilding after devastating events caused by natural hazards. However, the insurance protection gap (the difference between economic and insured damages) has been growing over the past 40 years. An innovative solution with the potential to contribute to closing this widening gap is parametric insurance schemes. Payouts are triggered by real-time hydro-/meteorological parameters rather than assessed damages, can be settled swiftly and ensure liquidity. In this work we propose a generalized framework for designing globally consistent parametric insurance schemes. One crucial aspect in the viability of parametric schemes is understanding the basis risk: the difference of the index-based payout and the actual damage. A systematic quantification of basis risk captures uncertainties and allows parametric insurance even in data scarce areas. Furthermore, building on open-source data and methods makes products accessible to low income stakeholders. We implement the framework in the open-source global risk assessment platform CLIMADA and illustrate it with two stylized parametric insurance case studies, targeting tropical cyclones in Mozambique and winter storms in France. Being globally-consistent, open-source, and readily available, the provided code base is easily adaptable to other hazards and exposures worldwide. This improves the accessibility to and the transparency of such innovative insurance schemes. |
