Weather Risk Management Services (WRMS) is expanding operations in Latin America, targeting key markets to bolster climate resilience and sustainable growth.
The Indian agriculture and climate risk management company is focusing on countries with large agricultural sectors and emerging markets, including Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay.
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It aims to concentrate on these nations due to their significant agricultural industries, developing markets and growing recognition of climate risk management.
The company’s approach to closing the protection gap involves offering risk management and insurance solutions to mitigate the financial impacts of climate events and supporting the transition to a low-carbon economy through sustainable practices.
WRMS offers a range of services including parametric and index-based climate and natural catastrophe insurance solutions, agricultural financing, risk management and technology services.
Tailoring climate risk management solutions to the Latin American market, WRMS looks to address both transition and physical risks.
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By GlobalDataIt plans to utilise climate modelling tools and domain expertise to develop solutions that meet regional regulatory standards and cultural expectations.
This includes offering cyclone insurance in Haiti and crop insurance in Honduras.
By aligning with global environmental, social and governance goals, WRMS intends to drive sustainable practices and productivity improvements across the value chain.
The company believes this will aid local communities in reducing financial losses from catastrophic events through financial inclusion and create jobs opportunities through public-private partnership programmes.
To implement its risk management and insurance solutions, WRMS will collaborate with local insurers, government agencies, NGOs and agricultural cooperatives.
WRMS founder and CEO Anuj Kumbhat said: “The expansion in Latin America will prove to be one of the most significant milestones for WRMS, showing our commitment to support global climate resilience in some of the most weather-vulnerable regions.
“We are committed to not only protecting businesses but also ensuring the sustainability of the local communities in these critical regions through our financial tools and customised solutions.”
