Weather risk management advancements in India

by Artemis on July 9, 2008

It’s really interesting to read about the weather risk management approach being taken in India. Advancements in the sector there put developed countries to shame as they put technology to use to enable rural communities to go some way to managing their own risks.

The latest strategy being employed involves farmers being sent SMS text messages to their mobile phones to alert them in advance to inclement weather conditions which could affect their crops and livelihood. The service from Ingen Technologies (a sister company of Weather Risk Management Services) delivers weather information specific to the farmers town or district and updates them on temperature, humidity and rainfall with additional parameters such as atmospheric pressure, solar radiation, wind speed and soil moisture. The system has been approved and certified by the Indian Meteorological Department.

Ingen are also said to be offering similar services to a major soft drink company to enable better prediction of demand for their drinks using the companies software.

Weather Risk Management Services, the sister company to Ingen, are the Indian company planning on launching a weather trading platform for India this year in collaboration with the Multi Commodity Exchange of India.

Along with the BASIX weather insurance scheme, Indian companies and communities are being given the benefits of technology and alternative risk techniques to help them cope with the risks from weather and climate change, an approach which could easily be used elsewhere in the developing world.

More details from the Economic Times.

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