In the last few years there has been a fast growth in the amount of Earth observation data acquired from space. New ways to enable its exploitation may offer many opportunities to various industries, including agriculture insurance. To extract the full Earth observation potential for the sector, the European Space Agency initiates the workshop “Earth Observation best practices for the Agro-Insurance Sector”.
With the increasing intensity and frequency of severe weather events, volatile weather affects farmers and their crop more than ever before. According to Munich Re, 160 billion US $ in losses were caused by natural catastrophes in 2018, only half of them insured. The sustained drought which caused substantial agricultural losses and many wildfires was Europe’s most expensive natural disaster of the year.
The creation of a new insurance system for farmers that seeks to offer financial support to producers of all crops, as well as for sheep and goat farmers was approved by the cabinet on Wednesday. The new insurance system “will cover all crops in view of all threats, and so we are departing from the current state of affairs where only some crops are insured and after only some threats,” Agriculture Minister, Costas Kadis said.
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