DisastEr Risk Reduction InSurance (LIFE DERRIS)

The specific objectives of the LIFE DERRIS project are to:

• Transfer knowledge from insurance companies to public administrations and SMEs in terms of risk assessment and risk management for catastrophic weather events in order to create ‘resilient companies’, boosting the implementation of effective local adaptation plans;
• Disseminate evaluation tools and skills for risk prevention developed by the insurance industry among public administration bodies and SMEs;
• Implement innovative forms of public-private governance for climate catastrophes, involving SMEs, public administration bodies and insurance companies, consistent with European guidelines (EU Adaptation Strategy and Green Paper on the insurance of natural and man-made disasters) and favouring the regulatory approach already undertaken by several European countries; and
• Test the adoption of innovative financial instruments (e.g. impact investment) as novel adaptation solutions.

 The project will develop some specific tools that will be disseminated at a later stage at national and European level:

• The ‘Climate Risk Assessment and Management Tool’ (CRAM Tool) will initially be used by 30 pilot SMEs identified in the industrial district in Turin and will then be made publicly available on the project website; 
• The ‘Company Adaptation Action Plan’ (CAAP), implemented by the adaptation manager (a new position to be defined within the SMEs), will reduce the risk to which SMEs are exposed;
• The ‘Integrated District Adaptation Plan’ (IDAP), an innovative integrated action plan for industrial districts, will involve private and public entities for a better governance of the territory; 
• A financial instrument, most likely an impact fund, will favour the implementation of resilience measures.

During the project, 30 pilot Company Adaptation Action Plans are foreseen, implementing about 600 adaptation measures. The major systemic interventions will be contained in the Integrated District Adaptation Plan that will be implemented in the pilot district of Turin.