The largest professional agricultural association in Spain, the Agricultural Association of Young Farmers (ASAJA JAEN), has launched Meteo Protect’s dedicated weather insurance platform in order to provide its 22,000 affiliates access to Meteo Protect’s fully customized index-based weather insurance and increase their resiliency against climate-related risks.
Paris, June 27, 2017 – The Agriculture Association of Young Farmers (ASAJA JAEN), the largest professional agricultural association in Spain, partnered with Meteo Protect,
an SAP® Startup Focus member, and the leading provider of weather risk management solutions, in order to provide their adherents a means to secure
fully customized weather insurance to protect olive growers from increased costs and reduced revenues deriving from unseasonal weather.
ASAJA JAEN represents more than 22,000 olive growers across the region of Jaen, Spain, considered the “world’s capital of olive oil” producing more than 600,000 tonnes, or more than 20% of the world’s olive oil. Olive trees are very weather susceptible, with thermal stress and water stress accounting for reduced quality and size of harvests.
Temperature is the most important environmental factor, as olives require a cooling period for flower bud induction, and very high temperatures immediately after flowering can wipe out entire yields. Similarly, water stress affects photosynthesis, plant growth, oil production, and yield worldwide.
Meteo Protect provides ASAJA JAEN with a fully-branded web-based underwriting and pricing platform which leverages the SAP HANA® platform to provide completely customized insurance for any weather-related risk for the olive growers.
The insurance platform lets ASAJA JAEN’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 grower, 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.
"We are very pleased to partner with ASAJA JAEN to provide Spain’s olive growers with customized weather insurance to better protect their livelihoods" says Gabriel Gross, CEO of Meteo Protect. "The impact of this year’s weather on the olive harvest is illustrative of the immense need to provide risk coverage to olive growers. This year’s drought in Spain led to significant early loss of fruit and the drought is forecasted to worsen. Thanks to our partnership with Asaja Jaen, the olive growers will be protected from losses due to such weather risk"
Meteo Protect’s index-based weather insurance is available for all crops and in all regions.
Meteo Protect also has strong international distribution partnerships with leading, financial institutions and agricultural cooperatives and associations such as France’s National Union of Potato Producers (UNPT) and one of France’s largest grain cooperatives, Axereal.
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.
For Meteo Protect:
: +33 (0)1 84 16 66 11
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.