From supply chain interruptions and skyrocketing input costs to increasingly extreme and volatile weather, the effects of climate change are already apparent for farmers, the consumers that depend on them and the providers that serve them. Insurers are no exception.
Ceres Imaging CEO Ramsey Masri shared his thoughts on strategies for insurance providers with Insurance Thought Leadership.
Within the agricultural financial services sector, conventional methods and core assumptions of risk modeling and management are under strain. The simplest factors, from the cost of inputs to the global dispersal of crops, are in question. Even if farmers might have predicted developments like the 300% jump in glyphosate costs or shift of hazelnut crop production from the Mediterranean to Canada, the risk models that underpin the industry did not.
It’s clear that climate change poses new challenges, and no shortage of technology providers are claiming to offer the solution. In the sea of new technologies and science—from robotic equipment to genetic seed adaptations—it’s worth refocusing on what the industry actually needs for confident decision-making in an unpredictable environment.
At Ceres Imaging, we have spent a decade collecting billions of measurements on tens of million of acres so we could fine tune data models and help customers adapt to change. We’ve learned that these four things make the difference . . .
To learn more and read the full article, visit Insurance Thought Leadership.
Industry trends Press coverage Agricultural insurance Financial services