All posts tagged adverse weather

Weather Risk Insurance Provider Meteo Protect Approved as Lloyd’s Coverholder

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.

Energy Companies and Portfolio Managers Risk Exposure to Winter Volumetric and Price Risks

This past summer’s record-high temperatures in Southern Europe have demonstrated that without appropriate weather hedges in place, large energy consumers, energy companies and portfolio managers can be exposed to a dangerous level of weather risks.  As winter approaches, unusually mild or extremely cold temperatures are a further threat. Now is the time for these businesses to buy a hedge to protect themselves from temperature uncertainties or risk aggregated losses as the effects of climate change continue to bring unseasonal weather and unexpected and extreme weather events.  Continue Reading

With Growth of Renewables, Increased Demand for Weather Insurance

For the fifth consecutive year, investment in new renewable power capacity was roughly double the investment in fossil fuel generating capacity, reaching USD 249.8 billion in 2016. The world now adds more renewable power capacity annually than it adds in net new capacity from all fossil fuels combined. However, wind and solar energy producers and distributors face unique challenges in both volumetric and price risks. The remarkable progress being made in renewables requires innovative risk mitigation solutions in order to ensure that the pace of investments in wind and solar continues. Continue Reading

100% of Spanish olive farmers covered for unseasonal weather received payouts following extreme temperatures

Spain’s agricultural cooperative, Asaja-Jaén, today announced that 100% of the cooperative’s membership who subscribed to parametric insurance to reduce the financial consequences of extreme temperatures on their olive fields this spring have already received compensation as a result of their coverage through Meteo Protect, following the warmest spring in the region since the beginning of the 21st century. Continue Reading