Risk factors affecting the food and agriculture sector are ever-evolving. In 2017 we saw record numbers of extreme weather events which led to large-scale destruction of crops and disruption to the balance of supply and demand.
An increase in the frequency and severity of weather events is having a dramatic effect on crop production but the impact resonates throughout the supply chain, affecting other areas including transportation and pricing. Real-time and forecast technology enables companies to proactively manage these occurrences.
Catastrophe modelling is now aiding the agriculture sector and can be deployed for daily operational matters such as crop yield assessment or potential property damage, as well as for long-term strategic planning of risk management solutions.
Read the article from JLT Re's Vice President and Lead Meteorologist, Josh Darr, here: