Following freezing cold temperatures and frost across Western Europe during 2017’s critical spring growing period, Lloyds Coverholder Meteo Protect confirms a dramatic increase in France’s winemakers subscribing to parametric weather insurance in its second year offering. May 31st saw a conclusion to its spring frost risk coverage, which saw a 15 fold increase in viticulturists subscribing, and the same increase in the number of brokers in France adding the coverage to their portfolio. Continue Reading
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Farmers seek parametric insurance after catastrophic losses across France linked to climate volatility
As the leading producer of wheat across Western Europe, France’s catastrophic losses in yields at their highest in over half a century have been met with alarm in the region. Researchers at three leading think tanks recently came together to research the link in production shortfalls to climate volatility. Their findings have put into question the viability of existing agricultural production systems and the sustainability of future crop yields, while at the same time signifying the urgent need for new financial protection for producers. Continue Reading
Whilst this month’s mild temperatures across Europe have been pleasant to many of us, they represent a very real financial risk for energy providers, who sell much less electricity and gas than during a cold year due to a reduction in use of heating appliances. In fact, during the first 3 weeks of January, temperatures reached their highest levels since 2010, with a significant impact on energy consumption. The average power consumption in France is more than 12GW lower than at the same period last year, or the equivalent of the production of 12 nuclear power plants! Continue Reading
Meteo Protect, the European leader in weather risk management, has been named a Coverholder at Lloyd’s, the specialist insurance market. In this capacity, Meteo Protect holds the authority to underwrite and issue policies on behalf of Lloyd’s syndicates. Meteo Protect’s Coverholder status connects it with Lloyd’s worldwide specialist insurance and reinsurance market; Lloyd’s covers more than 200 territories globally.
“We are extremely proud of this expression of trust from Lloyd’s. Meteo Protect’s Coverholder relationship with Lloyd’s offers a wealth of new opportunities to provide weather index-based insurance to the market” said Gabriel Gross, CEO of Meteo Protect. “As the market has developed with a significant growth in weather sensitive businesses seeking customized hedging solutions, so has Meteo Protect evolved to have strong international distribution partnerships with leading risk takers, financial institutions and agricultural cooperatives and associations, now including the specialist classes of business underwritten at Lloyd’s.”
“The Lloyd’s market is always innovating and bringing insurance solutions to meet the needs of businesses and organisations across the world. We are delighted for Meteo Protect to deliver innovative climate change mitigation solutions to Lloyd’s syndicates”, says Guy-Antoine de La Rochefoucauld, Director for Lloyd’s France. “The Lloyd’s Coverholder structure allows innovation-driven providers like Meteo Protect to bring new ideas and expertise to businesses with the strong financial backing for which Lloyd’s is recognised.”
“The Lloyd’s Coverholder structure allows innovation-driven providers like Meteo Protect to bring new ideas and expertise to businesses with the strong financial backing for which Lloyd’s is recognised.”
Guy-Antoine de La Rochefoucauld, Director for Lloyd’s France
Meteo Protect is an underwriting and brokerage firm specializing in structuring, pricing, delivering and managing weather parametric insurance for weather-sensitive businesses with a focus on the agriculture and agri-food and the energy sector. Meteo Protect’s proprietary white label underwriting and pricing platform, Vivaldi, allows insurance companies to provide full automated and customized weather risk financial solutions to their clients. It leverages the SAP HANA® platform to provide completely customized insurance for any weather-related risk.
With business across three continents, Meteo Protect currently works with several major global and local insurers, cooperatives and associations in the agriculture world to provide protection on weather risks to their clients or members, and with eight of the fifteen largest energy companies worldwide in helping them to reduce or even eliminate their exposure to volumetric and price risks.