Participating in the initiative are IVASS, ISMEA, ANIA, Asnacodi Italia, Coldiretti, Confagricoltura, CoorDifesa.
Cattolica Insurance and Reale Mutua Insurance were the first companies to experiment with the platform.
Milan, Feb. 11, 2022 - Cetif, Hort@ (model&data provider), innovative startup WESMARTi (platform provider) and Reply (industrial partner) have combined their skills and experience to bring parametric policies to the Italian Agrifood market and create the first technology-based ecosystem blockchain.
In a context in which climate change is generating negative impacts in terms of shrinking agricultural production and market fluctuations (in 2020 the total damage has been quantified by ISMEA at more than €600 mln of catastrophic damage) enhancing the effectiveness of risk management measures means creating a sustainable, resilient and innovative system, while respecting the principle of efficient public spending.
The availability of parametric digital and facilitated policies, based on technology blockchain, would make it possible to respond in a functional, effective and diversified way to the many cases, conditions and scenarios of the Agrifood supply chain.
For farmers, it would offer a tool with which to manage the entire process in a simple way: from the underwriting of the facilitated policy from public contribution to compensation.
Thanks to the systemic approach," comments Chiara Frigerio, Secretary General Cetif , "with our Sandbox we are moving an important new step in support of the country's agricultural supply chain. The availability of parametric digital policies that are simple, efficient - based on technological and regulatory innovation - and eligible for community public contribution, would represent a real revolution, which the insurance sector is called upon to effectively oversee and promote.
On the project's Scientific Committee-which is responsible for directing and monitoring the experimentation and bringing its evidence to institutional contexts-are IVASS, ISMEA, ANIA, Asnacodi Italia, Coldiretti, Confagricoltura, CoorDifesa.
Cattolica Insurances and Reale Mutua Insurances are the first Companies that have concretely tested with their end customers (Farms) parametric solutions to guarantee phytopathy risk (downy mildew, powdery mildew, gray mold, black-rot) for the wine grape supply chain.
The scope of experimentation of insurance policies facilitated by public contribution is planned as per PGRA 2022.
Membership in the initiative remains open to all Insurance Companies, Distributors, and Agricultural Companies interested in developing and testing parametric policies on adversity/crop risks that can be insured on a subsidized basis.