Skip to main content

Home/ Spring 21 Capstone 640pm/ Group items tagged climate change

Rss Feed Group items tagged

aminej

WorldCover raises $6M round for emerging markets' climate insurance | TechCrunch - 1 views

  • WorldCover investor and EchoVC founder Eghosa Omoigui believes the startup’s insurance offerings can actually help farmers improve yield. “Weather-risk drives a lot of decisions with these farmers on what to plant, when to plant, and how much to plant,” he said. “With the crop insurance option, the farmer says, ‘Instead of one hector, I can now plant two or three, because I’m covered.’ ”
  • WorldCover’s platform uses satellite imagery, on-ground sensors, mobile phones and data analytics to create insurance options for farmers whose crop yields are affected adversely by weather events — primarily lack of rain.
  • For the moment, WorldCover only insures for events such as rainfall risk, but in the future it will look to include other weather events, such as tropical storms, in its insurance programs and platform data analytics.
    • tahaemsd
       
      worldcover model oes not assess or provide insurance payouts specificially for climate change
  • ...3 more annotations...
  • the startup will look to possibilities to update its platform to offer farming advice to smallholder farmers, in addition to insurance coverage.
    • aminej
       
      WorldCover has managed to raise funds of 6 milllion which is huge. It shows that companies are more and more helping farmers and agriculture because it is very important for the development of a country
  • WorldCover, a New York and Africa-based climate insurance provider to smallholder farmers, has raised a $6 million Series A round led by MS&AD Ventures.Y Combinator, Western Technology Investment and EchoVC also participated in the round.WorldCover’s platform uses satellite imagery, on-ground sensors, mobile phones and data analytics to create insurance options for farmers whose crop yields are affected adversely by weather events — primarily lack of rain.
  •  
    WorldCover provides a solution for crop and smallholder farmers to protect themselves from weather uncertainty. The company gives an opportunity to those farmers to hedge against weather risks, which helps them increase their yield.
  •  
    Worldcover is an African-based Insurance that covers climate. It mainly targets farmers. It benefits from the use of satellite imagery and data analytics in order to create good insurance options to farmers.
  •  
    Worldcover gives small farmers the correct sort of insurance relying on their region.
tahaemsd

WorldCover Raises $6 Million in Series A Funding to Provide Climate Insurance in Emergi... - 0 views

  • WorldCover has uniquely combined technological advances and developed a solution that allows us to support smallholder farmers caught in conditions that are worsening due to climate change," said Christopher Sheehan, WorldCover CEO and co-founder. “With the rise of many insuretech startups around the world, we are excited about this successful round of Series A funding as it enables us to accelerate growth in existing markets while working towards expansion into new regions. This will allow us to fulfill our ultimate vision of making the world more resilient to climate change”.
    • tahaemsd
       
      worldcover is addressing the 50-100$ Billion in annual losses from natural disasters, of wich less than 1% is insured
chaimaa-rachid

WorldCover, an insurtech battling the effects of climate change - 0 views

  • WorldCover is applying insurtech solutions to climate change—a challenging global problem. Using satellite data, on-ground sensing and innovative risk modeling, the company developed a climate and weather-linked insurance product. Today, WorldCover supports and protects farmers within developing countries, who are faced with some of the worst droughts in the world due to climate change.
    • tahaemsd
       
      Worldcover's platform uses satellite data and remote sensor technology to monitor rainfall, price risk and trigger claims quickly
  • “It’s about using insurance to get rid of risk for these farmers and unlock opportunities for them,” Chris says. He says that research found that for farmers who received insurance (rather than cash grants) borrowed and invested more in their farms.
tahaemsd

Insurtech startup to provide affordable insurance for farmers | Fraud & Cybersecurity |... - 0 views

  • Across the globe, smallholder farmers lose between $50 billion and $100 billion annually, often from natural disasters, but reportedly only 1% is insured from these accidents. As an example, in Feburary 2019, the company made several payouts to farmers in Kenya as poor rainfall caused large amount of crop failure.
  • Jason Schapiro, WorldCover Lead Engineer, said “Our algorithms are specifically calibrated to rainfall events by region and crop type, automatically triggering instant payouts to insured farmers through mobile money services like M-Pesa.”
  • World Cover is an insurtech startup which provides satellite-enabled climate insurance to smallholder farmers. The company was originally founded in 2015 as a fintech marketplace for climate insurance, and has consistently grown since then, providing support to many areas of Africa. Unlike traditional insurance companies, which require lengthy in-person evaluations, the company consolidates data on weather and crop yield obtained from satellites
    • tahaemsd
       
      WorldCover startup has continued to expand its services across AFRICA
  •  
    We can understand from the article, that there is a big market for fintech insurance companies. According to the article, farmers around the world lose between $50 billion to $100 billion just because of climate change. World Cover has seen that there is a great potential for growth in this industry and took the opportunity.
tahaemsd

WorldCover gains $6m fund to offer climate insurance in emerging markets - 0 views

  • WorldCover CEO and co-founder Christopher Sheehan told Business Ghana: “WorldCover has uniquely combined technological advances and developed a solution that allows us to support smallholder farmers caught in conditions that are worsening due to climate change.
    • tahaemsd
       
      Worldcover intends to invest proceeds to ofer coverage in additional emerging markets
tahaemsd

worldcover - Blog - EchoVC Partners - 0 views

  • tact Us
  • WorldCover was founded to address the last-mile transfer of these kinds of risk by powering a climate risk marketplace initially targeted at the ag sector. In emerging markets (starting with SSA), WorldCover connects farmers (and ag parties exposed to climatic risks) with climate risk investors. Through its risk transfer platform, the company offers farmers protection against natural disasters and phenomena that negatively affect their crop yields, while giving risk investors the desired diversification of their risk portfolios and offering uncorrelated investment returns. For the farmers, insurance cover provided through WorldCover safeguards their livelihoods and, as studies have shown, gives farmers the confidence to further invest in their farms, unlocks access to credit and other services, and ultimately produces more income for them and their community.
    • tahaemsd
       
      Worldcover platform is flexible yet robust and can be used all over the world for a wide variety of natural phenomen that threaten agricultural yields
  •  
    "TACT US"
mehdi-ezzaoui

This startup has a simple plan to de-risk small-scale African farming | The Optimist Da... - 1 views

  • African agriculture, especially small farms, have not had it easy over the past few years. Droughts, pests, floods, and local conflict have exacerbated challenges for many food producers. This is why insurtech startup Pula is working to provide small farmers with insurance to help manage the implications of climate change and other environmental uncertainties. The startup begins the farming season by sending representatives to farms to gauge the potential yield of the season. Pula then sends this estimate to insurance companies to generate a policy offer. According to Pula, the initiative has been so successful because in every African country they have worked in, there are insurance companies willing to support their initiative.
  •  
    "African agriculture, especially small farms, have not had it easy over the past few years. Droughts, pests, floods, and local conflict have exacerbated challenges for many food producers. This is why insurtech startup Pula is working to provide small farmers with insurance to help manage the implications of climate change and other environmental uncertainties.  The startup begins the farming season by sending representatives to farms to gauge the potential yield of the season. Pula then sends this estimate to insurance companies to generate a policy offer. According to Pula, the initiative has been so successful because in every African country they have worked in, there are insurance companies willing to support their initiative."
  •  
    Insurtech is one of the fastest growing fintech sectors. Pula recently raised $6 million in a Series A fundraising and plans to expand its innovative business model to Asia soon.
mehdibella

FarmDrive Helps Unbanked Farmers in Kenya | The Borgen Project - 0 views

  • FarmDrive combats this lack of financial visibility by calculating alternative credit scores for Kenyan smallholder farmers. The startup requires users to input their expenses, revenue and yield via SMS and creates a platform for farmers to record business activity. FarmDrive then uses a complex algorithm to combine individual financial information with additional factors like the climate in the farmer’s region.
    • tahaemsd
       
      farmdrive eliminates some of the risk for banks by considering both the self reported financial history of farmers as well as exogenous variables that will affect their crop yields
  • By accruing farmer data, FarmDrive eliminates some of the risk for banks. FarmDrive has partnered with African financial firms who accept their alternative credit scores and determine appropriate loans for smallholder farmers. Lending institutions thus consider both the self-reported financial history of farmers as well as exogenous variables that will affect their crop yields.
    • mehdibella
       
      FarmDrive collects data from farmers via and combines it with satellite imaging, alternative data points to create detailed yield estimates and assess credit risk.
  • FarmDrive depends on aid organizations, like USAID, and private firms that operate in the agricultural industry. FarmDrive is expanding its data collection through new partnerships with Planet, a satellite company, and The Impact Lab, a data analytics group, to potentially incorporate climate information gathered via satellite imagery into its algorithm.
    • kenza_abdelhaq
       
      In addition to financial firms, FramDrive partners up with aid organizations, private firms operating in the agricultural industry, satellite company, and a data analytics group.
  • ...1 more annotation...
  • There are 50 million smallholder farmers in Kenya, but less than 10 percent of this population has their economic needs fulfilled by traditional lenders. The agricultural sector makes up 32 percent of Africa’s GDP and employs 65 percent of its population, but less than 1 percent of bank lending goes to agriculture. Worldwide, there is an estimated $450 billion agricultural lending gap. African smallholder farmers face barriers to traditional lending because they are labeled high-risk borrowers by financial institutions. Traditional banks use credit scores and bank statements to determine a loan applicant’s riskiness. However, the average farmer in Africa cultivates fewer than five acres of land and owns no collateral or financial records.
    • aminej
       
      Unfortunaely for most farmers, they can't access credit from traditional banks because they are considered as high risk borrowers since they face many risks such as climate change, theft, lack of fertilizers. Now, through farmdrive everything changed with these new Fintechs who started giving more importance to farmers
mohammed_ab

The Complex Insurance Coverage Reporter - September 2020 - The Complex Insurance Covera... - 0 views

  • Over the last decade, there has been a global increase in the focus on climate change and the risks and dangers associated with it. And for good reason. Damage from climate-related disasters was in the billions of dollars in 2019 alone. California wildfires caused $25 billion in property damage, while Typhoon Hagibis in Japan cost an estimated $15 billion. Other extreme weather events, including rampant brush fires in Australia, widespread droughts in East Africa and severe flooding in South Asia, have had devastating consequences.
  • Like Kin, NYC-based WorldCover was created in response to climate-related disasters. It works to provide drought insurance to farmers in Africa. When first launched, WorldCover was available only in Ghana and covered only one crop: maize. Since then, the company has expanded to multiple markets in East and West Africa, covering four categories of crops: cereals, legumes, root vegetables and perennials. WorldCover uses a combination of satellite imagery and on-the-ground sensors to understand local weather patterns in order to create insurance options for farmers facing some of the world’s worst droughts. The company uses its satellites to monitor rainfall patterns and trigger payouts immediately.
  •  
    I think that the testing phase of WorldCover was very smart. World Cover started offering micro-insurance for only one type of crop which is maize. After a great success with this type of crop, the company started to broaden its coverage to other types of crops and to other markets like East and West Africa. The company uses machine learning and satellite imagery to analyze the weather and the land of the farmers which in my opinion helps the company in being very accurate and efficient.
hindelquarrouti

Uganda, Kenya Farmers to Reap from WorldCover Climate Insurance Funds | ChimpReports - 1 views

  •  
    Worldcover has raised $6m for farmers in Kenya, Uganda, and Ghana in order to overcame challenges that were raised because of the climate change.
hindelquarrouti

World Bank Document - 1 views

  •  
    Thanks to the help of artificial intelligence, WorldCover tries to manage the financial risks that are related to changes in the climate. As well as, it helps mane the risks related to unpredictable natural disasters.
aminej

About - Pula - 0 views

  • Farmers in emerging markets face challenges with low productivity. Due to the risks they face from ongoing climate change, pests and diseases, farmers struggle to find financial stability. Pula is at the center of an ecosystem that helps them manage their risks with insurance and digital solutions.
    • aminej
       
      PULA offers insurance to farmers who are in difficult positions and who suffer from different type of risks such as climate change and natural disasters. It is good for small holder farmers since they will be more protected against losses.
aminej

About Us | WorldCover Insurance - 0 views

  • We believe we can bring parametric insurance to the worldBuilding our product from the ground up, five years ago we started by selling simple weather insurance to smallholder farmers in Africa via agents and in-person marketing - selling over 30,000 policies direct to farmers. Since those days, we have incorporated digital marketing, scaled our technology and sold our policies to customers around the world.We want to help high value crop growers manage their financial risk to climate change, unpredictable weather and natural disasters.WorldCover’s product vision is for commercial farmers to experience parametric insurance in a way that is easy to understand (simple), engenders trust (transparent), and fits them well at any size (tailored).
    • aminej
       
      This is a very good product for farmers who suffer from losses due to natural disasters or weather issues and also from regulations on agricultural products. It is important to help this category of people because their job is extremely important and hard sometimes. It is also a good way to show them that they can be protected.
tahaemsd

Case Study · WorldCover - Catalyst Fund Toolkit - 0 views

  • WorldCover approached the communications challenge from two directions. First, better understand the customer base. Second, communicate to the customer base with greater frequency. Both approaches increased trust in the product and WorldCover brand, leading to higher retention rates.
    • tahaemsd
       
      worldcover conducted many interviews in order to gauge the challenges that farmers faced in their daily and seasonal work
tahaemsd

An alternative investment with WorldCover - 1 views

  • The product of WorldCover is certainly customer centric at its core. When initially launching, Chris went to Ghana and began speaking to the farmers there. To him, it was important they didn’t “sit around and design a product by committee,” but instead that they actually went and understood what the customer problems were.“I would ask a farmer, what’s your biggest problem today? What are you worried about today? Just a very general question, and they would say I’m worried that the rain won’t come. I’m worried that my crop will fail and there will be drought this year.” — Chris Sheehan, CEO WorldCover
    • mohammed_ab
       
      WorldCover service offering is customer centric. It's interesting to see that the founder, Chris Sheehan, actually visited many farmers to clearly understand their problems in order to create a solution that fits perfectly their needs. The majority of these farmers were afraid of weather uncertainty which affects their crop. Being a financial nerd, Chris Sheehan saw the opportunity of providing a financial product ( parametric insurance) and created one of the greatest fintech companies.
  • WorldCover is a socially conscious alternative to traditional investment avenues. Started in 2015 by Chris Sheehan and Shiliang Tang, they have focused on using finance as a “tool for good in the world,” to prove “that businesses with inherently positive social impact can also grow rapidly and create wealth for investors.”
    • tahaemsd
       
      Worldcover protects farmers from natural disasters, while giving investors diversified returns and direct social impact
  •  
    In order to make the right decisions, the CEOS must meet with cutsomers in order to understand their problems.
tahaemsd

WorldCover (YC W16) is Peer-to-Peer Funded Crop Insurance in the Developing World - 0 views

  • Based on its success thus far in Ghana, WorldCover expects that its model could expand to work across the entire developing world, where 500 million smallholder farming households feed 80% of the population. Ultimately, this approach could scale far beyond drought insurance, to provide protection against other risks.
    • tahaemsd
       
      Worldcocver's unique funding and pricing model allows them to underwrite farmers in the developing world profitably and confidently
tahaemsd

How Can Insurance Help Smallholder Farmers? | by Maelis Carraro | Finance for Life | Me... - 0 views

  • Robert is a father of four and lives in the rural areas at the outskirts of Tamale, in northern Ghana. He lives off his one hectare of land where he grows maize and groundnuts. He sells part of it to the local market and eats the rest with his family. Like many of the 475 million smallholder farmers around the world, he faces constant threats of droughts or other weather hazards that can destroy his family’s main source of subsistence: Crops. Ninety percent of farmers in Africa have no access to crop insurance or other safety net.
  • WorldCover addresses this problem by providing farmers with simple and affordable microinsurance policies, insuring their crops against the risk of drought. Microinsurance and farmers receive rapid payout in cases of drought during the crop growth period. WorldCover ran a full pilot project in 2015 among Rice and Sorghum farmers and signed up a significant number of farmers, with many more committed.
  •  
    We understand from this article that there is a real struggle for crop farmers in Africa when it comes to droughts or other weather hazards. World Cover has come up with a solution for these farmers by providing them micro insurance that is very cheap and that could be bought and used with their mobile phone.
hindelquarrouti

WorldCover CropAssure | WorldCover Insurance - 4 views

  • CropAssure has been developed by our team of agronomists to protect against weather events most detrimental to almond growth, specific to your region. We will pair you with a member of our agronomic team to develop an insurance product that fits your needs and your budget.
    • aminej
       
      It is good to see that they are putting an important focus on the local production of almonds. Since it is a product specific to this region, it is necessary to keep it protected against natural disasters or weather conditions.
  • easily understandable policies that will protect you against the risks completely out of your control - unpredictable weather.
  • protect against weather events most detrimental to almond growth, specific to your region
  •  
    Worldcover is a fintech company that helps even small farmers hedge the risks that are related to unpredictable events, like climate change, that are beyond their power. It provides them with the right kind of insurance depending on their region and it uses AI in order to be more precise in doing so.
ghtazi

Home | WorldCover Insurance - 0 views

  • Tailored Insurance For Almond FarmersWe have applied our argonomic modeling expertise to develop a specialty product focused on protecting almond growers against increasingly unpredictable weather patterns. Either as an alternative or supplement to your existing insurance, CropAssure Almond provides easy to understand policies, and pays out automatically when your covered risks occur.
    • ghtazi
       
      in this article, it shows that the company wants to help high-value crop growers manage their financial risk to climate change, unpredictable weather, and natural disasters. WorldCover's product vision is for commercial farmers to experience parametric insurance in a way that is easy to understand (simple), engenders trust (transparent), and fits them well at any size (tailored).
hichamachir

Pula: Reimagining the landscape of agricultural insurance | Mercy Corps - 0 views

  • Every year, we work to reach around 1 million small farmers with the resources they need to diversify and improve their crops, increase their incomes, and become more resilient in the face of a rapidly changing climate.   Our vision is that small farmers have greater agency over their livelihoods. This means access to the insurance, advice and resources they need to generate enough profit to feed their families and thrive. By supporting Pula, we continue to take steps in this direction — a world in which all small farmers can rest assured their livelihood is safe and they have what they need to prosper and grow.
  •  
    Pula aims to reach 1 million small farmer per year. This is just a brilliant vision that leave a great impact in the society.
1 - 20 of 23 Next ›
Showing 20 items per page