Spanish oleiculturists subscribe to meteorological insurance
For the second year following record temperatures in the region
Paris, France – April 23, 2018: The largest farmers’ association in Spain, Asaja, has announced that it will offer parametric insurance to its members for the second year in a row, thanks to its partnership with Meteo Protect, Lloyd’s Coverholder . Thus, the 22,000 olive growers members of the association will be able to protect themselves from the financial consequences of extreme temperatures in their olive groves. The move follows Spain’s five heatwaves in the summer of 2017, as farmers in the region anticipate even higher temperatures in 2018.
Asaja members access a platform dedicated to weather insurance that provides fully customizable parametric insurance, designed and managed by Meteo Protect, to ensure their resilience against climate-related financial risks. During the spring, this includes the financial consequences of heatstroke that can be suffered by olives during the flowering period (whether the trees are irrigated or not).
“To illustrate the validity of this insurance, there is an example of an olive growing field in the Huesa region of Spain,” explains Luis Carlos Valero, spokesman for Asaja. “For a budget of less than 60 euros per hectare, it is 1,000 euros per hectare that will be paid to the farmer who has taken out an insurance policy, in case the temperature exceeds 36 ° C for more than 4 consecutive days between April 30 and June 15. ”
“In 2017, Spain experienced record temperatures several times between May and June, in addition to the severe droughts at the end of the summer,” continues Mr. Valero. “Thanks to our partnership with Meteo Protect in 2017, the members of the association, who took out parametric insurance for the period from April to June and who suffered losses, were compensated as early as July. Obviously, this meteorological parametric insurance is essential to better protect the living and working conditions of our members. ”
“There is a clear increase in demand from Spanish olive growers for our weather insurances, after last year’s heat waves in the region,” said Gabriel Gross, President of Meteo Protect. “Last year, heat stress led to very large production losses, a loss for which insured farmers have already been compensated. Thanks to our partnership with Asaja, more and more olive growers have taken out insurance with us this year. Now, we are expanding our coverage to other cultures. ”
Asaja represents farmers throughout Spain representing 56% of the world’s olive oil production. The olive trees are by nature very weather-sensitive, the quality and the size of the harvests being affected by the temperatures and the water stress.
Meteo Protect provides Asaja members with fully customizable insurance for all types of climate risk. Farmers select the particularities of their policy: the geographical area concerned, the type of crop, the period of coverage and the meteorological parameters. The insurance thus designed makes it possible to compensate for losses related to harmful weather conditions. Unlike traditional insurance, compensation is simple and automatic, since it is done without expertise, deductibles or adjustments.
For Meteo Protect:
: +33 (0)1 84 16 66 11
Meteo Protect creates meteorological parametric insurance products to provide protection to businesses whose financial performance may be impacted by weather conditions. Insurance broker based in Paris and present in eight countries, Meteo Protect covers risks all around the world. Its solutions are approved and supported by the largest insurers and reinsurers in the market. Protect Weather has the status of Lloyd’s Coverholder, is registered with ORIAS and is a member of the CNCIF.
Meteo Protect is a partner with financial institutions, agricultural cooperatives and associations, all leading. Meteo Protect primarily provides insurance companies with a generic electronic pricing and underwriting platform to create parametric insurance products for their clients. The covers are underwritten and managed by Meteo Protect and its award-winning Vivaldi platform, powered by SAP HANA technology and certified by SAP.