New market study on Weather-based index insurance predicts astounding growth
According to a new market research conducted by Questale, the market of Weather-index crop insurance will grow by 20 to 45 % per annum in the coming years.
As satellite imagery and radar-based technologies are improving, and algorithms are developed to interpret this data, index-based insurance product emerge as a solution to provide cover in previously un-served areas.
Index-insurance products replace on-site damage assessment by a an estimation of the production loss, using correlation between weather and productivity. It is changing the rules of the game in a world where crop insurance remained un-changed for decades.
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