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  • Meteo Protect

    The startup that has changed the weather insurance market

    Meteo Protect’s journey started in 2011.
    Back then, the goal of this new company was to bring meteorological risk management solutions to businesses of all sectors.

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    First contract for
    a multinational client

    Demand from McCain, the world’s largest agro-manufacturer, to build a product capable of hedging the risk of volatility in the prices of the raw material they dependent on.
    Meteo Protect designed its first agro-meteo model to explain the yields and prices of a raw material, and therefore to be able to price the insurance policy.

    This policy evolved over the years and was renewed several times.

    2014

    First insurance contract with a large agricultural cooperative, Axereal, which is now one of Meteo Protect’s leading partners.

    First contract in the energy field, for a wind farm in France.

    First fundraising with two international family offices.

    the first steps of online parametric insurance

    Launch of the first fully customizable parametric insurance program available on-line for farmers with Axereal, Agora and Uneal.

    Several contracts with leading energy companies in Europe.

    First contract in the US, with a baseball team!

    Coverage for Jardiland’s promotional operation: if it had snowed on the Eiffel Tower on Christmas Eve, the Christmas trees would have been reimbursed!

    SAP Startup Focus program

    Participations in the SAP Startup Focus program. “Through this engagement, Meteo Protect has built Vivaldi TM, a solution that uses SAP HANA® platform to provide insurance companies and agriculture cooperatives with the means to distribute weather index-based insurance customized and priced in real time to their clients.”

    Independent publication of a white paper entitled, “Measuring and Managing Weather Variability: Protecting Businesses from WeatherRisks”.
    The publications makes a series of recommendations pertaining to weather risk management disclosures, and recommendations for rating agencies.

    First contract to cover the risk of drought for an agricultural cooperative.

    Partnership with BNP Paribas

    Partnership with BNP Paribas in order to launch a range of weather risk management solutions for the bank’s customers, providing an opportunity to cover or transfer climate risks.

    “BNP Paribas becomes the first bank in France to offer its clients solutions to manage their exposure to growing risks of bad weather” (Artemis, 2016)

    Partnership with the National Union of Potato Producers (UNPT)l Union of Potato Producers (UNPT)

    Launch of a platform for the National Union of Potato Producers of France (UNPT).
    UNPT is the first French agricultural cooperative to offer weather insurance to its members.

    Specialization

    May 2017

    Launch of a platform for Spain’s Agricultural Association of Young Farmers (ASAJA) .
    This platform allows the 22,000 members of the association to secure fully customized weather insurance.

    July 2017

    Reception of the Coverholder status from Lloyd’s of London insurance and reinsurance marketplace (Artemis, 2017).

    September 2017

    Attribution of its first delegation of underwriting authority on the Lloyd’s market.
    Closing of Meteo Protect’s first distribution partnership with a leading European insurer.

    December 2017

    Completion of a strategic pivot in order to focus on the global agriculture market and on a fully business model relying on brokers and offering Vivaldi licenses with back-to-back reinsurance to direct insurers.

    Offer diversification

    Launch of several successful parametric insurance programs, including:

    • Vine frost insurance in Europe,
    • River flood insurance in France,

    Renewal of all previous programs, notably for potato growers and cereal producers in France and for olive growers in Spain

    2019

    Incorporation of Weather Measures’ radar data into Meteo Protect’s data bank.
    As a result, Meteo Protect is now the only company worldwide providing insurance coverage for rainfalls measured with a square kilometer grid.

    After 16 years spent building agricultural insurance solutions at Groupama, Stéphane Gin joins us as Central Director.

    Member of the Risk Management Committee in Agriculture, and President of the Agricultural Commission of the FFA for more than 15 years, Stéphane Gin is the one behind the development of crop insurance in France.

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