Unipol Gruppo Finanziario

Type

Type 3: Multi-stakeholder urban alliance

Sector of the company/organisation

Financial & Insurance Activities

Name of activity/project (or solution offered)

DERRIS - DisastEr Risk Reduction InSurance

Relevant urban sustainability topic

climate (mitigation, adaptation,…)

Start year

2015

Brief project summary

With DERRIS, Unipol will provide a concrete contribution to climate change adaptation, providing specific instruments to PAs and SMEs that will increase the resilience of industrial urban areas, by transferring knowhow in terms of risk assessment and recovery capability from the insurance industry to the PA and companies.

Short activity description

Unipol and the project partners (ANCI, CINEAS, Turin, Coordinamento Agende 21 Locali) starting from September 2015 until 2017 will:
· Transfer knowledge from insurance companies to Public Administrations and SMEs about risk assessment and risk management for catastrophic weather events in order to create “resilient companies” boosting the realization of effective local adaptation plans.
· Design a risk assessment tool to disseminate toward technicians in the PA and in SMEs to promote awareness, prevention and risk management skills.
· Implement innovative forms of public-private governance for climate catastrophes involving SMEs, PAs and the insurance sector.
· Design and test innovative financial instruments to facilitate the implementation of adaptation solutions.
The project will be developed firstly in the metropolitan area of Turin and will be extended to Bologna and Genoa that have already asked to be part of the network. Then tools and experience will be disseminated throughout all Italy and other cities will be invited to join.

Achieved impact

During the project, 30 Adaptation Action Plans will be designed and approved in the pilot companies, implementing about 600 adaptation measures.
After the pilot, the Climate Risk Assessment tool and the Adaptation Plan will be offered to all Unipol clients. The potential number of enterprises that will use them are very high, considering that Unipol has more than 16 million clients in Italy, 1 million of them are corporate.

Is this project a best practice? Why?

The project is starting now. Nevertheless, we consider this project a potential best practice because it tackles a very serious problem, the damages connected to the extreme weather events, with a private-public governance approach, where the knowledge, skills and tools developed by the insurance sector in decades of activity could be shared with the PA in a win-win cooperation, where society improves its resilience and insurers reduce their exposure.
The partnership between the public sector, SMEs and insurance companies could realign common interests of reducing the risk and the cost of climate change.

What are the main lessons learned during implementation?

The project has been financed by the European Commission under the Life+ Programme, and will officially start in September 2015. Therefore the successful outcomes will be visible in the next years.