Allianz is underwriting a new form of crop weather insurance that’s been launched in NSW Australia by Primacy Underwriting Agency. The new YieldShield product is designed to protect grain growers against water stress conditions caused by too much or too little rain. This will allow farmers to protect against both insufficient rainfall and water logging of the ground with one product.
I’d imagine this is being measured at local weather stations. It sounds like this product could be a good fit for the micro-insurance market as well.
Further details in the Insurance Business Review.