Customised climate index insurance services for agriculture

ended

A crucial problem affecting insurance and reinsurance companies in climate index-based risk transfer schemes is the lack of a trusted, transparent, independent and affordable way to design, compute and monitor the underpinning climate indices. AMIGO - as an innovative SME providing climate solutions to international organizations, insurers and reinsurers, for the management of climate related risk in the agricultural sector - has developed a new generation of methods and tools for climate risk management. AMIGOclimate integrates into one web platform climate modelling, ground-based and remotely sensed measures of weather variables to provide high level software capabilities for customised climate risk assessment globally, including climate index computation, visualization and reporting. With AMIGOclimate we change radically the use of climate data and climate information in the climate risk management industry, since customers will be able to perform tailored analysis for the index-based insurance industry, getting automatically maps and reports; effectively calculating premiums. Compared to existing solutions AMIGOclimate is more performing and scalable, easier to use, cloud-based, cheaper and it offers over time continuity for monitoring indices, thus assuring economic benefits to customers. AMIGOclimate allows customers to enter a huge variety of data that could be customized according to users’ needs. After having identified the key clients and their needs, the market, the competitor arena, the technical risks connected with the integration of different information; with this proposal we would like to: 1) demonstrate AMIGOclimate feasibility to finalise the platform development within two years; 2) confirm a full business plan for the development and commercialization of the platform and its modular services chiefly to the insurance industry. We expect a ROI of 8% in 4 years.