Editing IPCC:AR6/SR15/Chapter-4 (section)

==== 4.3.5.2 Risk sharing and spreading ====

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Risks associated with 1.5ºC warming (Chapter 3, Section 3.4) may increase the demand for options that share and spread financial burdens. Formal, market-based (re)insurance spreads risk and provides a financial buffer against the impacts of climate hazards (Linnerooth-Bayer and Hochrainer-Stigler, 2015; Wolfrom and Yokoi-Arai, 2015; O’Hare et al., 2016; Glaas et al., 2017; Patel et al., 2017) <sup>[[#fn:r454|454]]</sup> . As an alternative to traditional indemnity-based insurance, index-based micro-crop and livestock insurance programmes have been rolled out in regions with less developed insurance markets (Akter et al., 2016, 2017; Jensen and Barrett, 2017) <sup>[[#fn:r455|455]]</sup> . There is ''medium evidence'' and ''medium agreement'' on the feasibility of insurance for adaptation, with financial, social, and institutional barriers to implementation and uptake, especially in low-income nations (García Romero and Molina, 2015; Joyette et al., 2015; Lashley and Warner, 2015; Jin et al., 2016) <sup>[[#fn:r456|456]]</sup> . Social protection programmes include cash and in-kind transfers to protect poor and vulnerable households from the impact of economic shocks, natural disasters and other crises (World Bank, 2017b) <sup>[[#fn:r457|457]]</sup> , and can build generic adaptive capacity and reduce vulnerability when combined with a comprehensive climate risk management approach ( ''medium evidence'' , ''medium agreement'' ) (Devereux, 2016; Lemos et al., 2016) <sup>[[#fn:r458|458]]</sup> .

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