WRMS expands parametric & index climate insurance solutions to Latin America
Weather Risk Management Services (WRMS), a specialist Indian company that has created a successful business in offering agriculture and risk management services, including parametric or index-based climate and catastrophe insurance solutions, is targeting expansion in Latin America.
The company is to begin by entering markets across Latin America, naming Argentina, Paraguay, Colombia, Brazil, Chile, Ecuador, Peru, and Uruguay, but also with the rest of the countries in scope.
WRMS hopes its expansion to the region will help to promote and enhance climate resilience for sustainable growth in the area.
WRMA sees the region as ripe for targeting given it has a large agricultural sector, they are emerging markets, and feature increasing climate risk management awareness.
The company explained, “WRMS aims to bridge the protection gap by providing innovative risk management and insurance solutions designed to mitigate the financial impacts of climate events. This growth will also support the transition to a low-carbon economy through sustainable practices. The expansion efforts will focus on empowering local communities by building capacity and supporting their sustainable development initiatives. WRMS remains dedicated to fostering long-term resilience and sustainability, paving the way for a climate-resilient future in the region.”
Using the latest climate modeling tools and technology, as well as domain expertise, WRMS aims to create solutions that fit the local context and meet regional regulatory standards and cultural expectations.
WRMA aims to partner with local insurers, government agencies, NGOs, and agricultural cooperatives to aid in the implementation of its risk management and insurance solutions.
Using technology and hyper-local climate and socioeconomic data, the company will create insurance opportunities, using parametric trigger and index insurance techniques, to offer products such as cyclone insurance in Haiti and crop insurance in Honduras.
“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,” said Mr. Anuj Kumbhat, Founder & CEO of WRMS. “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 customized solutions.”
