Investing in nature-based solutions to reduce risks can pay-off by lowering damages and losses created by floods and drought. It also helps ensure that assets remain insurable if the exposure to hazard increases due to climate change.
The NAIAD project was an EU/Horizon2020-funded research and innovation project. It was aimed at demonstrating the role that nature can play as an insurance system against the impacts of climate change. This was done by developing a replicable method for the planning and implementation of nature-based solutions, in nine demonstration sites across Europe.
As a central part of the project, SIWI facilitated dialogue between the insurance sector, scientists, and policy makers on how they can collaborate effectively. One major focus was to effectively engage with the insurance sector in order to explore its potential role as partner, knowledge provider and investor in solutions for building resilience. This can be particularly fruitful, given the insurance sector’s expertise in historic data and risk assessment.
The NAIAD project generated advanced knowledge and provided comprehensive methods and learning materials on how to tap into the potential of nature-based solutions. SIWI also offered new insights on actions to reduce water risks through nature-based solutions. Based on this, at least eight European countries have initiated national dialogues with the relevant actors.