SCOR, IRB, ESSOR and AgroBrasil teamed up with Airbus Defense and Space to launch ‘Pastagem Protegida – Índice’ (Secured Pasture – Index), a new satellite-based pasture insurance tool in Brazil.
Launched for Brazilian livestock farmers, the tool helps to safeguard them with protection against production losses caused by climate events.
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Last year, Brazil was impacted by severe droughts impacting large areas of agricultural land, including pasture used to feed livestock.
Most livestock farmers in Brazil traditionally had no insurance solutions covering production losses due to damaged pasture.
Based on the Airbus Grassland Production Index (GPI), the tool was created through the total expertise of SCOR, IRB, ESSOR and AgroBrasil.
Pastagem Protegida – Índice brings together remote-sensing technology with weather data to monitor production areas, which in turn offers an objective estimate of production losses caused by climate events such as drought.
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By GlobalDataEquipped with this information, AgroBrasil will be able to provide right compensation to farmers with production losses, who can then purchase forage to ensure that their livestock are fed.
The insurance coverage also provides farmers to boost their production per hectare while utilising no additional land for grazing.
Pastagem Protegida – Índice is accessible through an online platform provided by tech company AGRITASK.
It is suitable for all kinds of farms, ranging from the largest operations to the smallest family enterprises.
SCOR Global P&C deputy CEO Laurent Rousseau said: “Leveraging global insurance expertise to provide concrete solutions for small or larger farms is a core part of our mission as reinsurers. This kind of product can be a game changer and will support farmers as they move towards more sustainable agricultural practices.”
Airbus Defence and Space head of intelligence business François Lombard said: “We are innovating since over 20 years to propose solutions for sustainable agriculture, using our satellite-based analytics. Our Grassland Production Index, relying on a broad historical benchmark, allows anticipating shortfalls that could severely impact the farmers.”
AgroBrasil CEO Laura Neves said: “AgroBrasil is part of this partnership between world insurance giants, with technological support from Airbus, which offers a robust insurance solution tailored to Brazilian livestock. AgroBrasil has had a strong partnership with Brazilian farmers and brokers for the past 23 years, making Agro Insurance innovations part of the company’s DNA. Now, we’re ready to support Brazilian pastoralists too.”
ESSOR CEO Fabio Pinho, and SCOR Specialty Insurance CEO in Latin America Fabio Pinho said: “We committed all efforts as a Group to bring to the country a product whose service, technology and value chain will be fundamental for our customers, which results in a noticeable added value by them.”
