Swiss Re Corporate Solutions specialises in the food and agriculture sector. We have experienced underwriting teams equipped to provide innovative, multi-line risk transfer solutions spanning the entire industry.
As an example, we elaborated a solution for a large European cooperative, which wanted cover for its members against poor crop quality. It started out as a pioneering exercise for us and the cooperative. We had to start by reviewing the risk landscape in cooperation with the client. The cooperative knew its members were exposed but it hadn’t built up a detailed picture of where the exposure was, how it was triggered etc.
We spent 18 months listening to the client’s wishes and concerns, analysing their data and sharing our own experiences of previous projects involving cooperatives. The outcome was a solution triggered by the crop’s protein content at harvest (with rainy weather being the risk).
As it was the first time we had offered cover against poor crop quality (and such cover is practically non-existent in the market) we made sure the concept was properly communicated. As a result, we were able to gain approval from all the client's business units. This was crucial to closing the deal, especially as it may take a few years before the cooperative members really buy into the concept.
We made a big difference to the cooperative’s risk exposure by providing an easy to manage and transparent risk transfer mechanism, including efficient payment in the event of a loss. As the weather becomes more unpredictable, we anticipate demand will grow for this type of product.
At Swiss Re Corporate Solutions, we aim to develop our offer accordingly and provide innovative crop shortfall solutions across the full supply chain (production, storage and distribution).
Contact us to learn more.
Swiss Re Corporate Solutions won most Innovative Product/Service for Insur8, Hong Kong's first ever Non-Damage business interruption insurance solution to protect businesses from financial losses occurring in the event of a typhoon. This trigger based solution, which was launched in July 2017, makes a previously uninsurable event, which impacts all businesses in Hong Kong, insurable.Learn more
There is a growing range of innovative risk transfer solutions to cover the ever-evolving range of exposures facing business today. Product development and innovation around data and data analytics have expanded the scope of insurance solutions to a wider range of threats and perils.Learn more
The annual Airmic conference from 6-8 June provided a vibrant platform to highlight our primary lead capabilities, commitment to the UK regional market and expanding portfolio of commercial insurance offerings.Learn more
29 November 2017
13 November 2017