Liberty Mutual Re launches new parametric agriculture insurance product for Colombian farmers
From Yahoo Finance: 2025-05-20 07:24:00
Liberty Mutual Reinsurance (LM Re) has launched a new parametric agriculture insurance product for Colombian farmers in collaboration with XS Latam and SFA CEBAR. The product aims to provide financial protection against climatic risks and enhance the resilience of Colombian agriculture by offering indemnity against severe weather events.
This new insurance solution incorporates Floodbase’s parametric flood platform and EarthDaily’s geospatial data and analytics. It covers perils such as floods and addresses cloud cover interference with satellite data. The product features trigger mechanisms for prompt financial compensation to policyholders when specific conditions are met.
LM Re’s agriculture and parametrics head Jean-Christophe Garaix highlighted the product’s importance in mitigating risks for Colombian farmers. The company’s goal is to make farming more resilient by reducing the need for annual loans and providing financial stability in the face of adverse weather conditions.
Earlier in the month, Liberty Mutual Holding Company reported a 33.2% decrease in attributable net income for the first quarter of 2025 compared to the same period in 2024. Despite this, the company’s revenues remained flat at $12.48bn for the quarter, showcasing stability amidst changing financial landscapes.
Read more at Yahoo Finance: Liberty Mutual Re unveils new insurance product for Colombian farmers