It is estimated that over 90% of crop loss is due to unexpected weather conditions. As the climate grows less predictable, the more agricultural businesses, and homeowners, are put at risk. WeathrBill, a company that sells insurance online to protect against unpredictable weather, has caught the eye of Google, who will be investing in the company for $42 million.
WeatherBill uses algorithms to calculate risk factors when determining what policies are best for shoppers. Their Total Weather Insurance product is the first full-season protection program in the U.S. that addresses calamitous weather conditions.
While farmers and other agricultural businesses stand to benefit from the emergence of a weather insurance market, such coverage will be a boon to millions of others as well. The recent storms in the north eastern U.S. have caused a massive amount of damage to homes and vehicles. Businesses have been crippled in the areas most severely affected. Some insurance policies already provide coverage for such events, but weather insurance can take the burden off of insurers that are already stretched thin.
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Still, the insurance will be a boon to farmers above all others. Agriculture production is a $3 trillion per year industry and plays a vital role in society. With the increasing occurrences of extreme weather conditions, such as the drought in Russia and devastating floods in Australia, protecting the industry is becoming an important issue.
WeatherBill’s technology aggregates massive amounts of weather data from many sources and compiles it for statistical analysis. Currently, WeatherBill is adding to its team of engineers, mathematicians and climatological agronomists to better serve those in need of weather insurance.