ICICI Lombard Weather Insurance

WEATHER INSURANCE

The need for Risk mitigation in agriculture has been long felt especially in a monsoon

Dependent country like ours.

Ours weather insurance policy is designed to help you mitigate weather insurance policy

Is designed to help you mitigate weather related risk.

Weather insurance is an indemnity for losses that may arise due to abnormal weather conditions can be event such as excess rainfall, shortfall in rainfall or variations in temperature, wind speeds & humidity.

 

COVERAGE

Weather insurance is an insurance cover against losses incurred due to uncertainties in climatic conditions. It can be used to hedge any vulnerability of assets or any other

Damage incurred due to erratic and irregular weather.

The policy provides insurance cover against UN expected weather behavior. Un expected weather is defined in terms of parameters like temperature, humidity, rainfall, etc.

You may insure yourself against changes in weather condition as measured by these parameters fall outside a pre-define range you may get the benefit of the cover there by reducing the risk that such weather changes bring to you.

 

ADVANTAGES

The benefits offered by weather insurance are

It is transparent and the leads to high level of comfort for the insured

It is scientifically developed and the measure for benefit payment is objective.

Not only farmer but also entities that are even indirectly dependent on agriculture can benefit from this policy. These may include agro-based companies, micro finance organizations, and other rural financial organizations & governed.

PREMIUM

Pricing is determined based on component of expected lose volatility of historical losses and management expenses. Premium for weather Insurance ranges from 7% to 15% depending upon the crop characteristic region + climatic pattern.

CLAIM PROCESS

The claim settlement is a hassle free process, as the beneficiary is not required for loss to receive a payment. Instead ICICI Lombard compensate the beneficiary at the end of the crop season for any deviations from the normal conditions on the basis of data collected

From an independent source accessible to all, like a local weather station, thus removing the need for carrying out field surveys.