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MIRACCLE - Risk Measures and Indicators Adapted to Climate Change

Extreme phenomena (heat-waves, storms, extreme droughts) will increase with climate change.
This project would like to define new risk indicators or measures adapted to specific issues of climate change, frequently used in finance and insurance.
The project’s purpose is to measure climate risks by proposing new risk measures adapted to climate change but also to measure climate change economic impact on insurance companies, State and financial markets.

These measures will therefore have to take into account not only the vectorial (multifactor nature of environmental risks) and/or the spatio-temporal nature of climate data, but also the non-stationarity of their laws. Programming a software package is forecasted in order to make these measures accessible to the scientific community.

Special attention will be paid to climate risks insurability. In fact, when a natural disaster occurs the State is directly affected through the Re-insurance Central Fund. The project will especially take an interest to the emergence of new bonds on the financial markets associated to extreme climate conditions and to their repercussions on the climate change context.

Coordinators

Pierre Ribereau - Université Montpellier II

Partnership
Institut de Mathématiques et de Modèlisation de Montpellier (I3M),
Laboratoire de Sciences Actuarielles et Financières (LSAF),
Laboratoire des Sciences du Climat et de l'Environnement (LSCE).
Funding
MEEDDM
Budget
225 000 €
  • Impacts