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).
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