• Investment
  • Insurance
  • Finance
  • Internet
  • Technology
  • 200Mbps
Trending
  • The American Families Plan: How It Impacts You
  • What Is Burnout and How Can You Recover From It?
  • MedMal Direct Names Hammett CEO
  • Insurers Urged to Stress Test Cyber Portfolios for Russian Attack Potential
  • Nevada Utility to Inspect Power Lines Near 2020 Reno Wildfire
  • ‘No Contest’ Plea Doesn’t Trigger Criminal Exclusion in Home Policy: Connecticut Court
  • Will DocuSign’s Q4 Earnings Offer A Glimmer Of Hope?
  • Environmental Groups Sue TotalEnergies Over Marketing Claims About Net-Zero Emissions
MERDEKA MERDEKA
  • Investment
  • Insurance
  • Finance
  • Internet
  • Technology
  • 200Mbps
MERDEKA MERDEKA
You are at:Home » Howden, Munich Re and Skyline Develop Parametric Cover for Jamaica Farmers
Howden, Munich Re and Skyline Develop Parametric Cover for Jamaica Farmers

Howden, Munich Re and Skyline Develop Parametric Cover for Jamaica Farmers

0
By admin on July 22, 2023 Insurance

Howden, the London-based insurance coverage dealer, has labored with Munich Re and Skyline Companions to develop a product that protects the Jamaican Co-operative Credit score Union League (JCCUL) towards non-repayment of micro-loans from farmers within the occasion of utmost climate.

Roughly 100,000 smallholder farmers depend on the Jamaican Co-operative Credit score Union League for loans to cowl the price of necessities, similar to seeds, day-old chicks and farming gear. Farming is the primary supply of revenue for round 18% of the Jamaican inhabitants.

Hostile climate occasions might result in farmers being unable to repay their loans, placing the JCCUL’s potential to proceed to supply monetary help in danger.

The insurance coverage product, which is predicated on a parametric set off, replaces funds misplaced on account of farmers defaulting on loans within the occasion of an excessive hurricane.

Howden mentioned the brand new parametric insurance coverage product will assist stabilize a monetary system that’s being put below vital stress by the elevated frequency and severity of pure disasters.

“If farmers can’t afford to repay their loans, our potential to stay operational is put in danger. With out loans from credit score unions, many farmers in Jamaica merely wouldn’t be capable of afford to function,” commented Robin Levy, group CEO for JCCUL. “This protection helps to clean out that volatility and supplies them the arrogance to proceed to ship the important monetary help that so many individuals depend upon to make a dwelling.”

In a area with low insurance coverage penetration and more and more frequent and extreme climate occasions, the monetary programs throughout the Caribbean are being put below vital stress, mentioned Howden.

“Globally, we’re seeing an exponential enhance in weather-related occasions versus different non-climate perils,” mentioned David Flandro, head of Analytics, Howden.

“Storms within the Caribbean have gotten extra highly effective, with elevated rainfall and better storm surge, and Jamaica has one of many highest bodily exposures to tropical cyclones within the area,” he added.

“Local weather change is inflicting big modifications within the kind and scale of dangers, particularly for creating nations which are each going through probably the most extreme results, and are least protected by insurance coverage,” mentioned Charlie Langdale, head of Local weather Threat and Resilience, Howden.

“This product demonstrates the potential for parametric insurance coverage to tackle danger challenges that don’t lend themselves to conventional insurance coverage cowl. We stay up for increasing this idea as we work with monetary establishments to extend resilience towards local weather change and pure disasters by combining insurance coverage innovation with expertise,” in keeping with Laurent Sabatié and Gethin Jones, co-founders and government administrators, Skyline.

Howden mentioned it has contributed to the premium for the primary yr to help the expansion of this proof-of-concept product, which has the potential to extend resilience of communities most uncovered to excessive climate occasions. That is a part of its wider agenda to unlock non-public capital, together with donations from people, corporates and foundations, to assist fund options for individuals who have restricted entry to conventional insurance coverage merchandise.

Supply: Howden

{Photograph}: Waves, introduced by Hurricane Sandy, crash on a home within the Caribbean Terrace neighborhood in japanese Kingston, Jamaica, on Wednesday, Oct. 24, 2012. Photograph credit score: AP Photograph/Collin Reid.

Subjects
Agribusiness

Inquisitive about Agribusiness?

Get automated alerts for this subject.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticlePro-Russian Hacking Group Attacks Romanian Websites
Next Article Electric Utilities in Pacific Northwest Spending Millions to Lower Wildfire Risk
admin
  • Website

Related Posts

Nevada Utility to Inspect Power Lines Near 2020 Reno Wildfire

Insurers Urged to Stress Test Cyber Portfolios for Russian Attack Potential

MedMal Direct Names Hammett CEO

Leave A Reply Cancel Reply

YOU MAY INTEREST
September 7, 2023

What Is a QSEHRA? | RamseySolutions.com

July 4, 2023

Arthur J. Gallagher & Co. Acquires UK’s Churchills International Consulting

September 24, 2023

Global Life Insurers Adapt Pandemic Risk Models After Unexpected Jump in Claims

October 11, 2023

Don’t Fret About Spotify’s Share Price

September 7, 2023

What Is a 401(k)? Everything You Need to Know

Copyright © 2023 Merdeka
  • About
  • Contact
  • Sitemap
  • Disclaimer
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.

Next Up
Electric Utilities in Pacific Northwest Spending Millions to Lower Wildfire Risk

Personal electrical utilities within the Pacific Northwest are planning tens of thousands and thousands of {dollars} in upgrades to cut…

Previous
Pro-Russian Hacking Group Attacks Romanian Websites

Romanian authorities web sites and different establishments have been the goal of a cyber assault Friday morning that the nation’s…

Random
Travelers Sets Some Records with Q4 Results

Insurer Vacationers reported a quarterly revenue of $1.3 billion, a rise of $23 million and a file for the fourth…