Monsoon insurance by ClimateRe
Please find below the
Semi-Finalist Evaluation
Judges'' comments
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.
We, the Judges and contest Fellows, are truly grateful for your contribution to the Climate CoLab and for your commitment to address climate change.
We encourage you to keep developing your work and to submit it into future contests.
We very much hope you will stay involved in the Climate CoLab community. Please support and comment on other proposals on the platform and continue to submit your ideas into our contests.
If you have questions, please contact the Climate CoLab staff at admin@climatecolab.org
Keep up the great work. And thank you again for being a part of this mission to harness the world's collective efforts to develop and share innovative climate change solutions.
Additional comments:
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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