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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 11pt;"><span style="color: blue;"><u><a href="https://onebillionresilient.org/project/extreme-heat-protection-initiative/" id="OWAf414e170-b3b0-159d-5b98-e59773dd05c7" class="OWAAutoLink" data-auth="NotApplicable" style="color: blue; margin-top: 0px; margin-bottom: 0px;">Extreme
Heat Protection Initiative - Arsht-Rock (onebillionresilient.org)</a></u></span></p>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 11pt;"><span style="color: rgb(192, 0, 0);"><b>INDIA – EXTREME HEAT PROTECTION INITIATIVE</b></span></p>
<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 11pt;"><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: white;"><b>in India’s informal sector.</b></span></p>
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<span style="font-family: "Roboto Slab"; font-size: 18pt; color: black;"><b>The first-of-its-kind heat insurance for women in India</b></span></p>
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<span style="letter-spacing: 0.75pt; font-family: "Roboto Slab"; font-size: 12pt; color: white;"><b>Why do we need climate insurance?</b></span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: white;">Climate disasters impact economies, ecosystems, and individuals. However,
<u><a href="https://www.un.org/en/chronicle/article/womenin-shadow-climate-change" id="OWA65101fbc-53f1-18b2-61ee-f00a28fa8e92" class="OWAAutoLink" data-auth="NotApplicable" style="color: white; margin-top: 0px; margin-bottom: 0px;">women are especially vulnerable</a></u>.
Globally, women earn less, are more reliant on natural resources, and have lower rates of land ownership. When disasters strike, the consequences and aftermath can push many into poverty.</span></p>
<p style="line-height: 18.7pt; background-color: rgb(0, 128, 166); margin: 0in; font-family: Aptos, sans-serif; font-size: 11pt;">
<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: white;">Climate insurance, however, offers a significant opportunity to reduce the catastrophic impact of climate change. On an individual level, the coverage enables a timely recovery,
especially for women. On a societal level, these solutions offer a formal recognition of climate risk and enable future efforts to scale and invest in resilience. </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">Heat-exposed workers face a difficult choice: risk their health by working in deadly heat or lose their daily income. Through our first-of-its-kind heat insurance, women in India’s
informal sector have a different choice that protects their health and financial security. </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">The Extreme Heat Protection Initiative (EHPI) takes a two-pronged approach to individual climate resilience.</span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt;"><b>It transfers risk</b> through an innovative microinsurance product. The insurance covers lost wages due to reduced or missed productive hours caused by climate-driven extreme heat.</span></li><li style="font-family: Aptos, sans-serif; font-size: 11pt; color: black; line-height: 18.7pt; margin: 7.5pt 0in 0in;">
<span style="font-family: "Open Sans", sans-serif; font-size: 12pt;"><b>It also reduces risk</b> through its distribution of tools and resources, including solar lamps, tarpaulin sheets, and water coolers. These tools provide women with immediate relief from
the heat. The lamps allow them to work more safely earlier or later in the day when the temperatures have dropped; the sheets provide a barrier from the scorching ground; and the water coolers allow them to remain hydrated throughout the day. </span></li></ol>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">In May 2023, we launched the socially impactful insurance in partnership with the
</span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(134, 31, 50);"><u><a href="https://www.sewa.org/" id="OWA29545f80-7dc3-ff52-6d11-20581493e066" class="OWAAutoLink" data-auth="NotApplicable" style="color: rgb(134, 31, 50); margin-top: 0px; margin-bottom: 0px;">Self-Employed
Women’s Association</a></u></span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;"> (SEWA) and
</span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(134, 31, 50);"><u><a href="https://bluemarblemicro.com/" id="OWA9a10ed4c-4548-c373-1f5e-e6f44bda6499" class="OWAAutoLink" data-auth="NotApplicable" style="color: rgb(134, 31, 50); margin-top: 0px; margin-bottom: 0px;">Blue
Marble</a></u></span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">. In the first year of the pilot, 21,000 SEWA members working across seven trades received coverage. As part of their enrollment benefits, the women also
received one of the aforementioned tools to reduce their heat risk throughout the year. </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">Extreme heat is not just a physical threat but also a significant financial burden. By safeguarding income, the Extreme Heat Protection Initiative address key financial determinants
of health, reducing the potential for illness while empowering women to maintain and utilize assets without worrying about an unexpected loss in income because of heat.</span><span style="font-family: Arial, sans-serif; font-size: 12pt; color: black;"> </span></p>
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<span style="font-family: "Roboto Slab"; font-size: 18pt; color: black;"><b>The parametric insurance for heat</b></span></p>
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<span style="font-family: "Roboto Slab"; font-size: 18pt; color: black;"> </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(74, 74, 74);"><img alt="Three women working in a stone quarry." id="x_Picture_x0020_1" width="563" height="307" style="width: 5.868in; height: 3.2013in; margin-top: 0px; margin-bottom: 0px;" data-outlook-trace="F:1|T:1" src="cid:image001.png@01DAD177.D5B7D900"></span></p>
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<span style="letter-spacing: 0.75pt; font-family: "Roboto Slab"; font-size: 12pt; color: black;"><b>The science-based approach to insurance</b></span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">The parametric insurance product approaches heat data in an innovative way. The policy is linked to satellite data to automatically detect extreme heat conditions. When the appropriate
conditions are met, the policy is triggered to protect the livelihoods of women while reducing their heat exposure. </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(74, 74, 74);"> </span></p>
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<span style="letter-spacing: 0.75pt; font-family: "Roboto Slab"; font-size: 12pt; color: black;"><b>The co-benefits of climate insurance </b></span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">One of the key benefits of this program was financial inclusion. An estimated
</span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(134, 31, 50);"><u><a href="https://www.orfonline.org/research/financial-inclusion-of-women-current-evidence-from-india#:~:text=In%20India%2C%20one%20in%20every,access%20to%20savings%20and%20credit." id="OWAbf6d333e-2101-cbf1-4586-292c4e80c4bb" class="OWAAutoLink" data-auth="NotApplicable" style="color: rgb(134, 31, 50); margin-top: 0px; margin-bottom: 0px;">20
percent</a></u></span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;"> of women across India lack access to a bank account. While access to formal banking is limited, it is a powerful way to improve gender equality. When
women have equal access to banking, they can control their own finances and access economic opportunities like loans and investments. The Extreme Heat Protection Initiative helped nearly 6,500 members open new bank accounts or transform previously inactive
accounts into active ones, empowering women with financial agency.</span><span style="font-family: Arial, sans-serif; font-size: 12pt; color: black;"> </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;"> </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(74, 74, 74);"><img id="x_Picture_x0020_3" width="462" height="408" style="width: 4.8125in; height: 4.2569in; margin-top: 0px; margin-bottom: 0px;" data-outlook-trace="F:1|T:1" src="cid:image003.png@01DAD177.D5B7D900"></span></p>
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<span style="letter-spacing: 0.75pt; font-family: "Roboto Slab"; font-size: 12pt; color: black;"><b>Regular payouts for financial security</b></span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">The Arsht-Rock Resilience Center ensured that the local knowledge and expertise of SEWA was matched with the private sector partner, Blue Marble, to design for scale. This approach
is reflected in the structure of the insurance. Instead of designing for a single end of the season payout—as is done traditionally with seasonal insurance—we collaboratively designed the product for six shorter payment periods. SEWA members are most often
</span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(134, 31, 50);"><u><a href="https://onebillionresilient.org/2023/03/07/fighting-extreme-heat-with-parametric-insurance/" id="OWA150fda73-8d8f-762f-f095-02c727159850" class="OWAAutoLink" data-auth="NotApplicable" style="color: rgb(134, 31, 50); margin-top: 0px; margin-bottom: 0px;">critical
earners for their family</a></u></span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">. When they lose a day’s income, there are many time-sensitive expenses. They cannot afford to wait weeks for coverage.
</span><span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: rgb(192, 0, 0);">Our pilot initiative shows how social impact insurance must be adapted to reflect the needs of its beneficiaries. </span></p>
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<span style="font-family: "Open Sans", sans-serif; font-size: 12pt; color: black;">__________________________________________________________________________________________________________________________</span></p>
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