Hurricanes in Jamaica cause farmers to lose their crop and therefore their income, leading to mass loan defaults.
Storms trigger an agreed payment to the insured credit unions, which allows them to grant borrowers a payment holiday.
Hurricane activity is identified with data from NOAA, the National Oceanic and Atmospheric Administration, and computed with Skyline’s proprietary InsDex platform.
The footprint and windspeed of hurricanes are compared to insured credit unions’ loan exposures in affected areas to compute claim amounts.
- Howden (principal client and distribution partner)
- Munich Re (insuring partner)
- Jamaican Co-operative Credit Union League (insured)
- 100,000 Jamaican farmers (beneficiary)
Severe weather can wipe out a year’s agricultural income. Broker Howden turned to Skyline Partners to design and implement a parametric solution to the problem of widespread loan defaults among farmers in Jamaica following a hurricane. Skyline’s indexed solution delivers claims payments weighted according to hurricane intensity and insured exposure in the impacted areas. Munich Re provides the insurance.
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