Latest news with #Floodbase
Yahoo
20-05-2025
- Business
- Yahoo
Liberty Mutual Re unveils new insurance product for Colombian farmers
Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance, has introduced a new parametric agriculture insurance product for Colombian farmers. The product is designed to offer financial protection against climatic risks and is launched in collaboration with XS Latam – part of XS Global Group – and SFA CEBAR. The insurance solution, developed by LM Re, incorporates the expertise of Floodbase, a parametric flood platform, and EarthDaily, which specialises in geospatial data and analytics for the agriculture sector. The product aims to enhance the resilience of Colombian agriculture by providing farmers with indemnity against severe weather events that could lead to the loss of their land, the company said. Building on a previous drought protection pilot, this product has been expanded to cover additional perils including floods and addresses the issue of cloud cover interference with satellite data. It features trigger mechanisms that facilitate prompt financial compensation to policyholders when certain conditions are met, the company added. LM Re has developed a method to deliver a consistent daily basis measure of the index, despite cloud cover. LM Re agriculture and parametrics head Jean-Christophe Garaix said: 'With farmers in Colombia routinely relying on annual loans to farm their land, should adverse weather cause a herd loss, many must sell land to repay the loan. This product is designed to mitigate that risk, making farming much more resilient. It also simultaneously reduces the risk banks face in offering finance, creating the potential for cheaper loans, which will further help support resilient farming in Colombia.' Earlier in the month, Liberty Mutual Holding Company reported attributable net income of $1.02bn for the first quarter of 2025, a decrease of 33.2% from $1.5bn in the same period of 2024. The company's revenues for the quarter remained flat at $12.48bn. "Liberty Mutual Re unveils new insurance product for Colombian farmers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-02-2025
- Business
- Yahoo
RISE awards $1.2M to go towards flood resilience projects in southwest Virginia
NORFOLK, Va. (WAVY) – Virginia-based nonprofit RISE Resilience Solutions recently issued over $1.2 million in funding to go towards reducing flooding in southwest Virginia. The funding will be split up between the five winners of RISE's Riverine Community Resilience Challenge, where innovators were asked to develop new insurance products and early-warning systems to protect communities in the region susceptible to flooding. Norfolk board reviews flood wall project In addition to the funding, RISE stated they will provide winners with technical, government and businesses mentoring, investor matchmaking and customized accelerator programs. According to officials with RISE, the winners of the project had just started the launch of their products in Giles, Buchanan and Botetourt counties when last week's winter storm hit. Snowfall totals reported across Hampton Roads, northeastern NC 'Last weekend's storm is yet another reminder of how increasingly vulnerable these inland communities are to catastrophic flooding events,' said RISE Executive Director Paul Robinson, Ph.D. 'Though we're just getting started, we believe these projects can make a real difference in Southwest Virginia and beyond, and represent an important step toward a more flood-resilient future.' The winning projects, which are now undergoing pilot testing, can be found below: Floodbase/Raincoat — The program utalizes Floodbase's deep learning framework and Raincoat's parametric insurance solution in order to immediately trigger riverine flood payouts. FloodMapp/The Warn Room/Green Stream — Flood warning system which integrates flood mapping technology, hydrologic gauging from Green Stream and emergency advice from The Warn Room. InnSure/HR&A Advisors/Stantec — A Total Cost of Risk Simulator in order to model and mitigate flood risks, enhance preparedness and resilience. Merak Labs/PRAM — Utilizes flood monitoring and early warning systems in order to provide actionable information to manage flood risks. Ric Platform Services — Flood insurance which emphasizes affordability, rapid response and community resilience. 'The latest storms only reinforce our belief that we can make a real and lasting difference in these communities by empowering today's brightest entrepreneurial minds, and providing the support they need to test their ideas in a real-world environment and create solutions that work,' said RISE Chief Strategy and Communications Officer Betsy Hnath. For more information on the projects, click here. Continue to check for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
