COP20 (09/12/14) – Höppe explains that high premiums in industrialised countries can incentives people to not live in vulnerable places thereby reducing societal costs overall. However in developing countries, solutions must be found so that those affected by extreme weather can access money quickly. In the Caribbean for example, microinsurance projects give pay outs to farmers after extreme events so they can get back into business as quickly as possible. Examples include buying new seeds or repairing farm buildings.