SYNERGIES: INSURANCE AND RISK ASSESSMENT
Enhanced awareness of risks
Public authorities and insurance providers can collaborate to improve the availability, reliability and accessibility of disaster risk data: governments can use insurance data for quantifying loss and damage of extreme weather events and understanding how climate- and weather-related risks are affecting households, communities, businesses and governments. They can give risk a price and raise awareness. The governments know the local conditions and can provide information and data to the insurance industry (e.g. yield data, size of the population, economic data), which are of value when developing products for potential customer groups.
At the micro level, insurance could potentially increase farmers’ sensitivity to changes in the weather and climate patterns (e.g. irregular monsoon rainfall), and help farmers enhance their awareness of weather-related risks.
Enhanced awareness of risks
Public authorities and insurance providers can collaborate to improve the availability, reliability and accessibility of disaster risk data: governments can use insurance data for quantifying loss and damage of extreme weather events and understanding how climate- and weather-related risks are affecting households, communities, businesses and governments. They can give risk a price and raise awareness. The governments know the local conditions and can provide information and data to the insurance industry (e.g. yield data, size of the population, economic data), which are of value when developing products for potential customer groups.
At the micro level, insurance could potentially increase farmers’ sensitivity to changes in the weather and climate patterns (e.g. irregular monsoon rainfall), and help farmers enhance their awareness of weather-related risks.
High-quality data for risk assessment
(Large) insurance providers publish regional and international data analyses. Governments could use insurance expertise for establishing data standards and accessing insurance-data repositories. This could enhance the speediness and quality of agricultural risk assessment.