Customised climate index insurance services for agriculture

Project Information

AMIGOclimate

Grant agreement ID: 854781

DOI

10.3030/854781

Project closed

EC signature date 23 January 2019

Start date 1 February 2019

End date 31 July 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

AMIGO SRL
Italy

Periodic Reporting for period 1 - AMIGOclimate (Customised climate index insurance services for agriculture)

Reporting period: 2019-02-01 to 2019-07-31

Summary of the context and overall objectives of the project

A crucial problem affecting insurance and reinsurance companies in climate index-based risk transfer schemes is the lack of a trusted, transparent, independent and affordable way to design, compute and monitor the underpinning climate indices. AMIGO - as an innovative SME providing climate solutions to international organizations, insurers and reinsurers, for the management of climate related risk in the agricultural sector - has developed a new generation of methods and tools for climate risk management.
AMIGO CLIMATE integrates into one web platform climate modelling, ground-based and remotely sensed measures of weather variables to provide high level software capabilities for customised climate risk assessment globally, including climate index computation, visualization and reporting. With AMIGO CLIMATE we change radically the use of climate data and climate information in the climate risk management industry, since customers will be able to perform tailored analysis for the index-based insurance industry, getting automatically maps and reports, effectively calculating premiums. Compared to existing solutions AMIGO CLIMATE is more performing and scalable, easier to use, cloud-based, cheaper and it offers over time continuity for monitoring indices, thus assuring economic benefits to customers. AMIGO CLIMATE allows customers to enter a huge variety of data that could be customized according to users’ needs.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

During the project development, following the description of action, 3 main activities has been developed, in order to finalize a business plan for the AMIGO solution.
In particular, the main activities have been focused on:
• Identification of the problem and proposed solution
• Market analysis
• Business model and financial analysis
• Meetings with potential customers

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

During the project period, different commercial activities have been done, the first commercial agreement with international clients has been done and the solution has been presented in specific events.

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