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Geospatial tech to boost agro insurance business

Munich, Germany: Allianz Re, an insurer and financial services provider, in association with a software company, Sarmap, developed a radar-based remote sensing software. According to Allianz Re’s press statement, the newly developed software will not only allow biomass growth to be measured, but to monitor and measure the potential yield of agricultural areas. Compared to remote sensing technology that is based on purely optical sensors, the radar technology can convert satellite images into data material of considerable informational value, irrespective of weather conditions and the time of day.
Thomas Heintz, agronomist and Head of Agriculture at Allianz Re, explained, “In 2013, when the European Space Agency (ESA) will make satellite images available on the Internet on a weekly basis and free of charge, we will have this technology at our fingertips. We can estimate a field’s current potential yield and monitor how it develops during the vegetation period – a fundamental prerequisite for multi peril crop insurance.”
In the event of a loss, the software can be used to determine in detail the cause and impact of the damage. This closes data gaps that have made agricultural insurance difficult, and sometimes even impossible, in many areas in the past. But that’s not the only thing. The labour-intensive loss-assessment will be more straightforward and accurate, the associated costs lower. This allows to apply insurance more broadly.
Source: Allianz Re