The National Union of Potato Producers (UNPT) of France this week launched Meteo Protect’s dedicated weather insurance platform in order to provide its members resiliency against climate related risks. With the platform, adherents of the UNPT can access fully customized index-based weather insurance to respond to the growing risks associated with weather variability affecting the industry.
Paris, France – May 15, 2017 :
With increased intensity and frequency of unseasonal weather as a result of climate change, farmers across the globe are no longer secure about what to expect from their crop in terms of volumes, quality and even price. The National Union of Potato Producers of France partnered with Meteo Protect, the leading provider of weather risk management solutions, in order to create for their adherents a means to secure fully customized weather insurance to protect the farmers from increased costs and reduced revenues deriving from unseasonal weather.
Meteo Protect provides the UNPT with a fully-branded web-based underwriting and pricing platform producing completely customized insurance for any weather-related risk for its farmers. The insurance platform lets the UNPT’s membership select their policy specifications, including geolocation, crop, coverage period, and weather parameters, and then aggregates weather-related data, analyses risks, and prices and underwrites the policy, all in real time. Index-based weather insurance is fully customized to fit the needs of each farmer, designed to compensate the losses incurred through adverse weather conditions. Unlike traditional insurance, indemnification is simple and automatic, requiring no field loss assessment, deductible or adjustment. Farmers can track their insurance contracts, and know in real-time what the outcome will be.
“We are extremely pleased to partner with the UNPT to provide France’s potato farmers with a revolutionary solution to insure themselves from weather risks and thus to better protect their livelihoods,” says Gabriel Gross, CEO of Meteo Protect. “The needs and risks of the agricultural sector are evolving quickly, but so is the insurance industry. We are committed to ensuring that farmers can access the cover that they need through the ease of an online platform with the union they trust.”
The UNPT is the first agricultural union in France to offer weather insurance to its membership. Meteo Protect also has strong international distribution partnerships with leading, financial institutions and agricultural cooperatives or farmers unions such as France’s largest grain cooperative, Axereal, and Spain’s farmers union for olive growers, Asaja, among others. The policies are underwritten and managed by Meteo Protect’s award winning platform, Vivaldi, running on SAP’s HANA technology and certified by SAP. Meteo Protect has received ample industry recognition, including most recently Celent’s Model Insurer Award for data mastery and analytics.
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About Meteo Protect
Meteo Protect creates fully-managed parametric weather insurance products to protect businesses when the weather impacts their financial performance. A broker and underwriter based in Paris, and already active in eight countries, Meteo Protect covers risks anywhere in the world, and its solutions are supported by the largest insurers and reinsurers in the market. Meteo Protect is a Lloyd’s coverholder, is registered with ORIAS, and is a member of CNCIF.
Meteo Protect has strong international distribution partnerships with leading, financial institutions, agricultural cooperatives, and associations. Insurance companies use Meteo Protect’s white label, web-based underwriting and pricing platform to create parametric insurance for their clients. The policies are underwritten and managed by Meteo Protect’s award winning platform, Vivaldi, running on SAP’s HANA technology and certified by SAP.