Addressing the excess rain risk
Heavy precipitation poses multifaceted risks to farmlands, including crop loss and damage, soil erosion, equipment loss, planting delays, and more. Compounding this challenge, climate change exacerbates the threat, having the ability to intensify storms and amplify the frequency of extreme rainfall events. This challenge spans the globe, whether it's local storms in Europe delaying agriculture production or monsoon rains in India and Bangladesh damaging crops.
Parametric crop insurance presents an innovative solution for farmers to receive compensation in the event of production losses stemming from excessive precipitation. Offering a streamlined approach, parametric insurance relies on remote data to assess losses, eliminating on-site loss adjustment. Policyholders receive a payout within weeks of the event, bypassing the need for extensive evaluations. This swift response provides an emergency lifeline, empowering farmers to swiftly address unforeseen losses and mitigate financial strains.
Assess
We assess and evaluate the client's risk exposure to excessive rain, leveraging precipitation datasets and satellite data.
Customize
Design a customized cover, fit to the client’s unique needs payout structures are indexed according to cumulative precipitation or number of rainy days.
Monitor
Upon policy inception, we monitor the insured's location for precipitation to determine whether a qualifying event has occurred.
Payout
Insured client recieves a payout within weeks of the concluded coverage time frame to cover damages incurred and boost liquidity.
Our case studies are all over the world
Utilizing Machine Learning and real-time monitoring from satellite imagery & IoT, our state-of-the-art technology helps businesses bounce back faster against climate, cyber and other emerging risks.
Our approach to understanding excess precipitation
Our proprietary model for excessive rain leverages satellite data and precipitation datasets to evaluate the precise risk of an insured location. This innovative approach allows us to provide capacity in exposed areas and provide our clients with the most accurate assessment of risk, aligning seamlessly with their unique risk profile and financial parameters.
In full collaboration with the broker and client, our team is able to design a customized cover that is structured to indemnify based on cumulative precipitation or number of rainy days, as reported by a third-party data source. The structure is calibrated specifically for the type of crop and property, and precipitation is continually monitored during the specific coverage period.
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