Imperial Students Win £12,000 Prize for Innovative Climate Insurance Business Idea
A team of students from Imperial College London has secured a £12,000 prize for their innovative business idea aimed at providing better insurance solutions for developing countries. The project, named ClimShield, focuses on scaling parametric insurance using affordable premiums and blended finance strategies to create a fairer and more affordable insurance plan for countries most at risk of the impact of climate change.
Led by two students from Imperial’s MSc Climate Change, Management & Finance program, Frederick Fabian and Freddie Stretch, ClimShield aims to contribute to the $212 billion needed annually for adaptation finance by 2030 in developing countries, supporting global efforts toward climate resilience. The project recently won the top prize at the annual Climate Investment Challenge competition hosted by the Centre for Climate Finance & Investment at the Business School.
Reacting to their win, Mr. Fabian expressed his excitement, stating, “Winning the competition is a significant validation of our approach and vision in the face of global climate challenges.”
In addition to ClimShield, another team of Imperial students secured a £7,000 prize in the Data Analytics category for their project, ClimateSafe. This project aims to help people at risk from flooding by providing a “resilience-as-a-service” insurance package, combining pre-emptive flood-resilience retrofits with insurance for those in vulnerable areas.
The Climate Investment Challenge competition, which received 128 applications from universities worldwide, invites teams of students to submit innovative business ideas to combat climate change. This year, students competed for three different prizes, each worth up to £12,000.
Dalia Daou, Director of the Centre for Climate Finance & Investment at the Business School, praised the quality of the competition finalists, stating, “The innovations proposed were all well researched and thoroughly developed, reflecting a quality seen at VC level and beyond.”
The competition was supported by various organizations, including the UK Centre for Greening Finance and Investment, Ninety-One, Engie, Impax Asset Management, Howden, and Candriam, among others. The event was organized by Business School students Ewan Mackenzie-Smith, Huzefah Umer, Tessa Lagauzeire, and Bailey Robertstad.
The success of these student-led projects highlights the importance of innovative solutions in addressing climate change challenges and supporting vulnerable communities worldwide.