Magazine

Apr 2019

Read the latest edition of AIR and MEIR as an Interactive e-book

Asia: Lloyd's, Guy Carp and UK's Met Office in move to create agricultural weather index for SEA

Source: Asia Insurance Review | Jul 2016

Lloyd’s, Guy Carpenter and the UK National Meteorological Service (Met Office) have announced a collaboration to develop the concept of an agricultural weather index for insurance in Southeast Asia.
 
   With a focus on drought in Vietnam, Thailand, Cambodia and Laos, the project will look to demonstrate baseline risk and prediction capability in meteorology to demonstrate methods for synthesis of crop data and high quality meteorological data; identify suitable indicators and thresholds as insurance scheme triggers; and stimulate debate on the development of innovative insurance solutions.
 
   The project is the latest initiative announced by Lloyd’s following a Statement of Intent (SOI) that was signed between the British government, the Monetary Authority of Singapore (MAS) and Lloyd’s in July 2015, pledging to build natural catastrophe resilience across Asia. The three parties are committed to working together to share knowledge and support the growth of regional insurance markets. 
 
   In November 2015, eight Lloyd’s syndicates joined forces – and committed capacity of US$400m – to develop new solutions to help developing economies tackle underinsurance and improve their resilience against the economic impact of natural catastrophes.
 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.