AIR Parametric launches new dairy product with Guy Carpenter & LM Re

In collaboration with Guy Carpenter and Liberty Mutual Reinsurance, AIR Parametric has launched Milkshake, a new parametric insurance product designed to safeguard US dairy producers from heat stress on their livestock herds.

According to Air Parametric, Milkshake’s proprietary design was built in consultation with dairy industry leaders and the specialised agents who serve them. It reportedly leverages the firm’s advanced weather data, engineering, and machine learning capabilities to identify a customer’s weather triggers based on their location.

“For the first time, Milkshake’s intuitive structure allows the customer and their agent to choose from a range of limits and specific events and is simple to quote and bind without the traditional claims adjustment process,” the firm added.

James Luce, CEO and Founder of AIR Parametric commented, “We are very proud of our first-generation Milkshake product, and we will be adding more distribution partners across the US and in other livestock regions around the globe.

“Parametric products are becoming more applicable to the broad commercial marketplace and can help customers of all industries address the economic impacts of weather.”

Luce continued, “Our advanced data platform allows us to create solutions for any business globally that is negatively impacted by an extreme weather event. We are currently working with agents and customers in an array of business segments to leverage these capabilities to build new programs.

“The broader insurance community is just beginning to understand the power of the parametric insurance solution – there are so many ways to use it to solve problems our policyholders are experiencing.”

Sam Knee-Robinson, Guy Carpenter’s Innovation & Emerging Risk Practice, said, “Guy Carpenter acted as the sole placing broker for AIR Parametric helping secure A-rated capacity in a challenging market cycle.

“AIR Parametric’s new dairy heat stress product is designed to address a protection gap in the agricultural industry, protecting farming businesses from extreme temperature fluctuations which impact revenue.”

Jean-Christophe Garaix, Head of Agriculture and Parametrics at LM Re, noted, “We are really pleased to be involved in bringing this unique solution to US dairy producers.

“There is no alternative cover for the implications of this weather trend, which as a result of climate change, is becoming increasingly challenging. This solution closes the protection gap, providing essential, timely financial relief in the event of extreme weather conditions.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.