Under-insurance has been a long-standing problem in Colombia, as it is in much of Latin America, but new microinsurance and parametric insurance models are emerging to fill the most serious gaps, especially for climate and environmental risks. Earlier this year, a parametric/early-alert insurance product was launched to protect Colombia’s páramo ecosystems (high mountain wetlands) from wildfire damage. It utilises the key mechanism of parametric solutions, activating payments automatically when environmental conditions trigger risk thresholds, enabling funds for fire control and restoration. If successful, this is likely to see similar products launched.