Principle 3 - Lead in the identification, understanding and management of climate risk (continued) Insurance Development Forum - Sri Lanka Flood Model Lloyd’s Disaster Risk Facility - Redicova Through its role in the Insurance Development Forum Alongside three other Lloyd’s Disaster Risk Facility (“IDF”), RenaissanceRe was the project lead on the members, RenaissanceRe supported the launch development of a comprehensive initiative that was of an autonomous parametric insurance product to specifically aimed at lowering the barrier to risk enable communities to rebuild quickly following natural understanding in the face of natural disasters. The Sri disasters in the face of climate change. The product will Lanka Flood Model, which was the first probabilistic initially be available in Northern Australia to help close flood model for the country, helps analyze potential the protection gap for small to medium businesses flood losses to provide greater understanding of risk and agricultural enterprises. By collaborating with to both the impacted communities and the broader the Australian Bureau of Meteorology, Redicova uses international reinsurance market. RenaissanceRe’s operational tracking maps which follow cyclones and Group Chief Risk Officer commented, plot their journey when they reach land. Due to the parametric nature of the policy, the new product will “One of our founding tenets is improving the pay out immediately when ‘Very Destructive Winds’ understanding of natural hazard risk through robust are identified as a result of a ‘Severe Tropical Cyclone’ catastrophe models”, he added “We hope our occurring at an insured location. RenaissanceRe’s efforts to improve analysis of risks like Sri Lankan involvement in the development and execution of floods will help to enhance disaster risk financing this new product aligns closely with two core areas of and community resilience in low and middle- its ESG strategy: Promoting Climate Resilience and income countries while lowering barriers to high- Closing the Protection Gap. quality hazard and risk information”. Page 13