Whether accumulated rainfall, wind speed or average temperature, there are a wide range of scenarios where a tailored insurance solution can be considered for protection against losses or damages incurred because of adverse, measurable weather conditions.
The main peril for plantations is fire. The 2019/20 bushfires were devastating to the plantation industry. In 2020, the Australian Government Department of Agriculture reported that:
There is a significant trend driving a greater risk of extreme bushfires in some regions in South Australia due to an increase in the frequency of very hot summer days compared to earlier decades. In terms of national daily average maximum temperatures, there were 33 days that exceeded 39°C in 2019, more than the number observed from 1960 to 2018 combined, which totalled 24 days (BOM 2020).
Liberty is developing innovative solutions using new technologies, combined with machine learning algorithms and various data sources, to cover bushfire risks such as market leading use of satellite technology. Our processing technique enables us to develop an index that reflects the burnt surface post-event.
At a glance
Liberty offers Weather Index products that provide cover predicated upon weather conditions set out in the policy documents. This includes products specifically designed for construction companies, outdoor event operators and forestry plantations.
Be it accumulated rainfall, frost, wind speed, or average temperature, there is a wide range of scenarios where Weather Index Insurance can be considered.
At a glance:
When vineyards and grapes are exposed to smoke this can result in wines with undesirable sensory characteristics, such as smoky, burnt, ashy or medicinal flavours.
Wine grape growers can protect themselves from financial loss if their grapes take on smoke taint caused by a nearby bushfire.
Liberty Specialty Markets offers a dedicated product that draws on satellite imagery to validate the significance of bushfire claims.