Swiss Re, a global reinsure with a focus on risk transfer and asset management, is set to provide five years worth of reinsurance to a new microinsurance project in Ethiopia. The project was developed by the United Nations World Food Program, a branch of the U.N. that confronts worldwide hunger issues, and Oxfam America, an organization concerned with climate change adaptation, food security and aid reform. This project aims to provide Ethiopian farmers with drought insurance for their crops. Swiss Re will be funneling more than $1 million toward the…
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Arkansas farming industry calculate high millions in lost crops
Residents and farmers from the eastern part of Arkansas are getting their first looks at the destroyed homes and ruined farmland that have resulted from the massive flooding in that region. Many parts of the state rely primarily on agriculture as their main industry. According to the Arkansas Farm Bureau, an estimated $500 million has been lost in crops due to farm flooding, with an estimated millions more having been lost as a result of other damage such as to equipment. The Farm Bureau also stated that agriculture typically brings…
Read MoreTexas drought costing billions in losses
While much of the South in inundated with water, Texas is suffering from one of the worst droughts in recent history. Last week, the level of drought rose a staggering 22%, putting the level at 48%. There have been more than 9,000 wildfires throughout the state, causing damage to some 400 homes and burning 2.2 million acres of land. Texas officials are seeking aid from the federal government to help mitigate the expected $3 billion in losses because of the severe drought. Farmers across the state are reporting damage to…
Read MoreNew weather insurance market emerging
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…
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