JBA Risk Management (JBA), the UK-based modeling firm, has launched an India crop catastrophe model for the re/insurance market.
More commonly known for flood maps and models, JBA collaborated with Chaucer through its office in Singapore to develop this probabilistic crop model for the Indian agriculture insurance market.
“The Indian agricultural insurance market has grown rapidly since 2015 due to the state sponsorship of a revised insurance scheme,” said Tom Graham, head of Regional Treaty Development at Chaucer in Singapore.
“The Indian government has publicly stated that it is looking to ensure cover for 50 percent of India’s 130 million farmers by 2020 through the Pradhan Mantri Fasal Bima Yojana (PMFBY) Scheme,” he added. PMFBY is a government-sponsored crop insurance scheme.
“To facilitate and support this vital and ambitious goal, it is hugely important to have robust models in place to help assess the nature of the risk and exposure to the market,” he said. “Collaborating with JBA ensured we combined Chaucer’s underwriting expertise with JBA’s leading modeling capability.”
In developing the model, JBA research highlighted the potential susceptibility of…
