This publication is intended only as a reference tool for the insurance and reinsurance industry. While the publication is designed to provide general information with regard to the subject matter covered, it does not address all of the technical aspects of a deﬁ ned term or topic and does not constitute a legal consultation or legal opinion.
The climate has always presented a challenge to those whose livelihoods depend on it. Moving away from such dependence is usually an early step in economic development, but many millions have not yet succeeded in taking that step. As climate variability and uncertainty increase with climate change, human development reversals are a distinct possibility (UNDP, 2007).
Until recently in the developed countries, food prices had been moving in one single direction – downwards – for almost a generation, while the prices of agricultural products had been falling for almost thirty consecutive years. 2008, however, saw a turnaround in the negative trend of food prices, with most crop prices on the global markets doubling in nominal terms and making newspaper headlines.
Given the pace of evolution of agricultural production, the rapidly growing demand for agricultural insurance and the weather conditions observed in China, an analysis of systemic weather risk for both insurers and reinsurers active in the agricultural sector seems entirely appropriate. This paper provides such an analysis, in two parts.
Due to its economic and nutritional value, the world production of chestnuts is increasing as new stands are being planted in various regions of the world. This work focuses on the relation between weather and annual chestnut production to model the role of weather, to assess the impacts of climate change and to identify appropriate locations for new groves.
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