Drought and Excess Rain Insurance

Is your business exposed to the whims of the weather? Whether you’re in agriculture, construction, tourism, or any other industry that relies on consistent weather conditions, extreme events like droughts and excess rain can have a devastating impact on your operations.

General Insurance Broker Asia

What is Weather-index insurance

Weather-index insurance helps farmers minimize financial risks due to adverse weather conditions (heavy rain, drought, etc.) rather than the direct physical damage caused by those events. This means you can receive compensation even if your property isn’t physically damaged.

Traditional insurance

  • Farmers file claims and go through a damage assessment process to determine the extent of loss and compensation amount.
  • This process can be time-consuming and reliant on a subjective human assessor

Weather-index insurance

  • Use technology and satellite data to monitor weather conditions such as rainfall.
  • Automatic payout based on pre-defined triggers of unfavourable weather risks, ensure quick and impartial claim process.

Types of weather risks covered by Weather-index insurance

Not Covered Risks

  • Intentional damage
  • Poor crop quality
  • Pollution
  • Pests and diseases

Covered Risks

  • Drought
  • Excess heat
  • Excess rain
  • Strong wind or typhoon

Who is eligible for Weather-index insurance?

  • Agricultural businesses: Farmers, ranchers, and food processors
  • Energy companies: Utilities, renewable energy producers, and oil and gas companies
  • Tourism and hospitality: Hotels, resorts, and event planners
  • Construction companies: Contractors and developers
  • Retail businesses: Stores and restaurants
  • Individuals: Homeowners and renters
Aquaculture fish
Agriculture Banana farm
Aquaculture shrimp
Forestry
Agriculture Coffee farm

Claim Process

Monitor weather data

Provider monitors weather data during the coverage period, accessible online. At the end, the final data is published.

Identify the insured weather risk

At the end of the insurance coverage period, the provider will send a notification to the policyholder if a covered weather event happens

Submit document

The insurance policy owner provides the necessary documents and information, including ID card, proof of economic interest, and bank account details

Compensation pay-out

After verifying the information and data, provider will make compensation payments to policyholder within 30 – 60 days

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