The weather insurance market
The findings of a joint study carried out by Ernst & Young, the WRMA as well as the PWC indicates that about 30% of the German Gross Domestic Product is directly or indirectly influenced by the prevailing weather conditions – increasingly extreme fluctuations in weather further aggravate the situation: Thus, there is a great need for protection against weather risks.
In Europe – and particularly in Germany – the weather insurance market is still in the stage of development. At WetterProtect, we play a definitive role in market development in the German weather insurance sector by providing risk analyses, product developments and comprehensive consultancy for all stakeholders.
The business area of parametric weather insurance is bundled under the brand-name of WetterProtect. This refers to insurance solutions against financial losses caused by adverse but non-catastrophic weather events such as continuous rain, severe wind or temperature. This means that losses in turnover or additional costs resulting from unfavourable weather conditions can be compensated. However, in contrast to a classic indemnity insurance policy, no proof of damage or expert report is necessary here. Claim assessment is based solely on the measurement values of official weather stations – stipulated in advance – of the German Meteorological Service (DWD).