The purpose of this paper is to providea conceptual framework, along with concrete illustrations,that will aid the UNFCCC process in incorporatingmarket-based insurance mechanisms in the arsenal of proposedglobal climate adaptation tools. A key objective is todefine the role insurance can play in helping households,businesses, and countries better adapt to the main knownmanifestations of climate change, such as weather extremes.The paper defines risk assessment, and outlines theconceptual framework used throughout the analysis. Itprovides an overview of the significance of public andprivate partnerships in insuring weather related losses, aswell as best practices. It concludes with an overview oflessons learned, and identifies opportunities formarket-based insurance strategies in the global adaptationfor climate change. A major realization was the importanceof establishing a transparent, well-defined policy ongovernment subsidies after disasters, so that individualscan gauge their risks in weather related disasters, andmight be encouraged to buy private insurance.
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