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HomeArtemis NewsMunich Re backs parametric flood product for Colombian farmers

Munich Re backs parametric flood product for Colombian farmers


International reinsurer Munich Re has collaborated with parametric insurance coverage platform, Raincoat and Cloud to Avenue (C2S), a local weather adaptation expertise agency, on the supply of a country-level flood parametric program for smallholder farmers throughout Colombia.

Flood intelligence agency C2S says that this program is the world’s first scalable parametric flood insurance coverage coverage, and is designed to guard Colombian farmers in opposition to hostile monetary impacts from flood occasions.

The providing is powered by C2S’ flood intelligence, which offers flood information streams together with optical and radar satellites, historic flood maps, and on-the-ground intelligence, with machine studying to provide important and actionable insights concerning the extent and influence of ongoing floods.

For the Colombia program, the info supplied by C2S allows companions to set the precise parameters for flood threat that made the creation of complete insurance policies potential. By utilizing this information, Raincoat, which develops scalable embedded local weather insurance coverage merchandise, was capable of present a product and platform that permits speedy payout to farmers following a flood occasion.

Peter Lacovara, parametric insurance coverage skilled and Head of Business at C2S, commented: “International flooding threatens billions of individuals and stays the commonest and expensive pure peril. Worsening local weather change underscores the necessity to prioritize local weather adaptation and monetary options to assist these affected by pure disasters. We couldn’t be prouder to assist make insurance coverage safety out there to tens of 1000’s of Colombian farmers for the primary time, and we’re poised to help in constructing related parametric flood insurance coverage packages worldwide.”

For weak and poorer components of the world, parametric insurance coverage offers a substitute for conventional insurance coverage options, as payout relies on pre-determined parameters, comparable to the quantity of rainfall in a sure location, quite than the bodily harm occurred. Importantly, this permits speedy payout post-event.

Beneath the brand new program in Colombia, insured farmers will obtain a mortgage reduction primarily based on the magnitude of floods that hinder their talents to develop crops and produce them to market. And, as this program is country-wide, it ensures farmers in probably the most distant components of the nation can obtain quick monetary reduction when a flood strikes.

Jonathan Gonzalez, CEO of Raincoat, mentioned: “Floods are a critical threat for most people and households, and with the ability to present some safety from these occasions at scale has been a precedence. C2S permits us to do that. On this rollout, nobody is excluded – each area and each farmer is being lined.”

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