Insuring the informal worker against the heat
The article discusses the emergence of 'parametric' heat-insurance products for informal workers in India, where payouts are triggered automatically when temperatures cross a pre-set threshold. It highlights initiatives by non-profits like Jan Sahas and SEWA, in partnership with insurance companies and CSR arms, to provide financial relief to vulnerable workers against climate-induced heatwaves. The piece also touches upon the challenges of funding such schemes, the behavioral impact on workers, and the broader context of climate change predictions by IMD and WMO.
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