Farmers can now for the first time insure their produce against price volatility as easily as Insuring their homes, with global platform based on hundreds of niche commodity indexes, underwritten by Lloyd’s of London Syndicate Ascot.
The new products have been made possible by recent advances in data science and the reduced cost of running the trillions of computer simulations needed to calculate risks across the portfolio of commodity indexes used by the platform’s developer stable.
Stable is a British-based start-up whose investors include agro-chemical company Syngenta, seed stage investor Anthemis Group and Swiss Insurer Baloise Group as well as Ascot.
So far about 450 farmers have used the platform. many believe it will take time to earn the trust of many in a sector known for its conservatism