index insurance

Satellite data plays an important role in the establishment and success of risk transfer triggers and index insurance schemes, and as technology has advanced the use of satellites has expanded and become more efficient, supporting the growth of innovative agriculture insurance and reinsurance solutions.

Lloyd’s of London, the UK Met Office, and reinsurance broker Guy Carpenter are working together to establish the concept of an agriculture weather index that can be used for insurance in Southeast Asia, with a report on the initiative set to be launched in London later this year.

Farmers in Kenya are set to benefit from the launch of a new innovative, index insurance scheme which utilises advanced technology and satellite data to assist agricultural workers in the face of flooding and drought conditions.

The Microinsurance Consortium and Venture Incubator (MVI) has announced the group will now operate under the name Blue Marble Microinsurance (Blue Marble), a venture launched earlier this year with a goal to increase access to insurance for the world’s most vulnerable people.

The World Bank and the UK Met Office are teaming up to collaborate on work to support the development of hydro-meteorological services for emerging and developing countries in the world, with goal’s including increasing resilience and reducing disaster risk.

Global reinsurance broker Guy Carpenter has launched a new division named CAT Risk Studio (CRS), to support its Model Suitability Analysis (MSA)® initiative and work with capital markets team GC Securities to develop parametric catastrophe risk transfer solutions.

Swiss weather index insurance specialists CelsiusPro AG have partnered with the World Bank in a project implemented by the IFC to bring more affordable agriculture insurance to the Ukraine through index-insurance techniques.

One of the world’s largest reinsurance firms, Swiss Re, recently announced that two million African smallholder farmers are now protected against drought, floods and other natural perils, thanks to the efforts of the World Bank and Swiss Re Corporate Solutions.

A consortium of leading insurance and reinsurance underwriting and broking firms have launched a micro insurance consortium and micro insurance venture incubator (MVI) at the World Economic Forum event in Davos, Switzerland today.

PGA Sompo Japan Insurance Inc, the Philippines based subsidiary of Sompo Japan Insurance Inc., has launched a parametric typhoon insurance product designed to mitigate against agricultural damage from major storms.