Farmers receive weather-index insurance payments in India

HDFC Ergo General Insurance in India have announced that they have made their first payments under their weather-index insurance programme due to heavy rainfall in the Dewas district of India. The index based weather microinsurance coverage was offered for this first time in 2011 to protect soybean farmers from heavy read the full article →

Gap between economic and insured losses can be narrowed by catastrophe bonds

The burden placed on the governments of developing nations after natural disasters and other catastrophe events can be huge. Much of the developing world is particularly exposed to a wide range of natural catastrophes but insurance and reinsurance penetration is low meaning that the government can end up picking up read the full article →

Indian association wants to stimulate weather derivatives trading

We last wrote about the push to get weather derivatives listed as a tradable instrument on the commodity exchanges of India back in September last year when the Indian government approved laws to allow commodity options and futures to be traded in the country. It was hoped that the new read the full article →

India’s government to discuss disaster management and catastrophe bonds

India's Prime Minister, government officials and the National Disaster Management Authority (NDMA) are meeting today to discuss current issues regarding disaster preparedness and risk transfer which could affect India's population and economy. The meeting has been arranged to look at issues such as radiation sensors for nuclear and radiological emergencies, an read the full article →

Indian broadcaster takes weather insurance cover for cricket league

Indian broadcaster Multi Screen Media who are responsible for televising the Indian Premier League cricket competition has taken out a weather insurance policy to cover against the chance of bad weather disrupting or cancelling league matches. The policy is designed to cover the total expected revenues that Multi Screen Media expect read the full article →

ICICI Lombard to expand index-based crop weather insurance to 8 more states in India

ICICI Lombard has got the go ahead to expand the reach of its index-based crop weather insurance program for farmers in India. The insurer has been given the mandate to provide weather based crop insurance for the 2010-2011 Rabi season (one of the two crop cultivation seasons in India) to read the full article →

Swiss Re said to be in talks with Indian government about catastrophe bond cover, an Indian based financial and business news website, is reporting that Swiss Re has been in talks with the Indian Central and state governments to propose methods to minimise risks to the countries finances and population from natural catastrophes. Two Swiss Re officials are said to have discussed the possibility read the full article →

India to allow commodity options; opens the door for weather derivatives

India's government cabinet have today approved changes to the laws which allow commodity trading in the country. The laws have been in place and allowed trading of commodity futures since 2003. The new change to the law will allow commodity options to be traded on exchanges within the country. This long read the full article →

Indian weather market could see dramatic growth, says Weather Risk Management Association

Below please find a press release from the Weather Risk Management Association discussing their recent survey of the Indian Weather Risk Management Market. MIAMI, FLORIDA (May 12, 2010) - The Weather Risk Management Association (WRMA) released an industry survey of the Indian Weather Market today at its 12th Annual Meeting read the full article →

Indian government says ‘use catastrophe bonds’

The Indian government finance minister announced the 2009-2010 Economic Survey results this week. This annual survey looks at how the economy is progressing and suggests the governments ideas for ways to further stimulate and mature the quick growing financial markets in India. This year the survey specifically cited catastrophe bonds as read the full article →