As part of the Agricultural Risk Academy (ARA) programme on agricultural insurance and reinsurance, the Genillard&Co team (G&Co) organized an international symposium to discuss the risks of climate change for agriculture and its insurability.
The first event of this kind took place on 6th & 7th of March in Freising Weihenstephan at the Life Science Campus of the Technical University of Munich. Among the approx. 70 participants were representatives from business, science, insurance industry, agriculture and the public sector.
After a short welcome by Christopher Genillard (G & Co), the participants were introduced by a first-class lecture from Dr. Christoph Gornott (PIK – Potsdam Institute for Climate Research) into the topic of the symposium (Influence of Climate Change on Agriculture). In a subsequent discussion on the topic “Capacity Building on Climate Change”, it was concluded that there is still a lot of work to do in this area along the agricultural value chain.
Afterwards, Dr. Eberhard Faust, Head of Research for Climate Risks and Natural Hazards at Munich Re, was able to show the participants what insights into the effects of climate change the world’s largest reinsurer is collecting and how these affect the development of new insurance products. The participants started another interesting discussion about index products, which, even without the basis of historical data, provide protection for a large number of farmers and streamline traditional claims management processes.
The day was concluded with fruitful discussions and a common dinner in a cozy Bavarian atmosphere.
The second day kicked off with Tamme van der Wal presenting interesting results and insights from the field and his work at the Wageningen University and Research Institute (WUR) on digital solutions that can help to make agriculture sustainably “Climate Smart” (again). Participants in the following discussion were able to apply these insights immediately to the insurance industry and explain the benefits and challenges of relevant technologies to insurers and farmers.
In order to dive deeper into the two main topics of the symposium, insurance products and technologies for improved risk management in agriculture against the challenges induced by climate change, workshops were held in the late morning and afternoon in which the participants were able to work on different questions on the respective topic in smaller groups. The results were shared afterwards in short presentations with all participants.
The participants used the extended breaks to network and to inform themselves as well as exchange information on current topics in the agro-insurance industry, projects and on solutions offered by selected tech companies and institutions.
We would like to thank all participants for their contributions and productive discussion.
forward to the next Symposium.
The G & Co Team