Lyle Orwig, Charleston|Orwig
The Climate Corporation Introduces Total Weather Insurance™ 2012 With Next-Generation Weather Monitoring and Location-Specific Yield Assessment
Over 800,000 Rainfall Measurement Grids Nationwide and Industry-Leading Soil Moisture Tracking Dramatically Enhance Top-End Coverage for 2012 Corn and Soybean Growing Season
SAN FRANCISCO, November 1, 2011 – In 2011, corn and soybean growers shared a common hurdle—extreme weather. From flooded fields to extended dry periods and from cold spring temperatures to heat stress, all varieties of extreme weather left their mark on yields and, ultimately, grower profits. The Climate Corporation (formerly WeatherBill) today announced Total Weather Insurance (TWI) Corn 2012™ and TWI Soybean 2012™ which provide unprecedented profit protection for growers against increasingly extreme weather.
“TWI 2012 for corn and soybeans is an enormous leap forward in innovation, taking the precision of the weather insurance we offer from ‘seasonal and regional’ to ‘daily and local,” says David Friedberg, founder and CEO of The Climate Corporation. “The advances we have made with our 2012 program now allow us to track on a daily basis the highly local conditions that are impacting yields at the farm level and pay growers accordingly.”
TWI 2012 Program Enhancements
Total Weather Insurance (TWI) is The Climate Corporation's flagship full-season weather insurance program, providing farmers with the ability to lock in profits by protecting against weather events that cause production shortfalls, before federal crop insurance kicks in. TWI is powered by Farm-Level Optimizer™, which dynamically determines the weather conditions that can make or break an individual grower’s yields based on crop, location and soil type, and then automatically optimizes full-season weather protection for that grower’s farm.
The Climate Corporation has continued to invest deeply in research and development focused on the interaction between meteorological events and production agriculture. This investment has resulted in a whole new level of protection available to growers. TWI 2012 delivers more precise profit protection with enhancements in two key areas:
More localized, farm-specific data:
More accurate assessment of field conditions:
The enhancements to TWI 2012 for corn and soybeans are enabled by The Climate Corporation’s unique technology platform that ingests weather measurements from 2.5 million locations and forecasts from major climate models on a daily basis, and processes that data along with 150 billion soil observations to generate 10 trillion weather simulation data points used in the company’s weather insurance pricing and risk analysis systems. The Climate Corporation manages over 50 terabytes of live data in its systems at any given time, five times more information than is contained in the entire printed collection of the U.S. Library of Congress.
2012 Coverage for Key Corn and Soybean Weather Perils
Utilizing advanced agronomy, historical yield and loss data, and weather history and forecasts, TWI 2012 for corn and soybeans covers the major weather perils growers may face during the growing season.
TWI Corn 2012 covers six key weather perils, including:
TWI Soybean 2012 covers five key weather perils, including:
Grower Success with TWI 2011
TWI 2012 builds on the success of TWI 2011, which delivered protection from extreme weather for thousands of growers across key corn and soybean states. 2011 was the second warmest summer on record for the U.S. as a whole, and 2011 brought the wettest spring on record in corn and soybean production regions of Ohio, Indiana, Kentucky, and the driest summer on record in the wheat growing states of Texas and New Mexico.
During the 2011 growing season, the Early Season Rain component of client policies triggered payouts in 52% of counties where coverage was purchased, while drought and heat payouts were seen by 48% of all policyholders nationwide. Especially in areas with record-setting temperatures and little rainfall, these payouts helped growers guarantee their livelihoods.
For one grower TWI 2011 meant a new era of peace of mind. Rodney Creech of West Alexandria, Ohio, is a fourth generation corn and soybean farmer who turned to TWI 2011 to protect his corn and soybean crops.
“Weather affects me more than anything; it affects everything we do as famers,” says Rodney. “I’ve been farming on my own for eight or nine years, and in that time, I’ve only had two really good crops, with the rest being average or even below average. And it’s not the farming practices causing the yield loss, it’s the weather.”
Rodney described TWI as “a perfect fit because we’re going to have weather issues—not every year, but it’s going to happen. From a risk reduction standpoint, TWI is another way to protect myself. I’m very happy and satisfied with Total Weather Insurance. It’s a kick in the face when you can’t work, but it’s nice to get a check.”
To find an authorized TWI agent in your area or to hear directly from growers about their experience with TWI, go to www.climate.com. Full-season weather coverage for 2012 corn and soybean crops is available to growers who sign up by March 15, 2012.
About The Climate Corporation
The Climate Corporation's mission is to help the world's people and businesses adapt to climate change. Formerly known as WeatherBill, the company protects the $3 trillion global agriculture industry from the financial impact of adverse weather—the cause of over 90 percent of crop loss—with fully automated weather insurance products. The company's unique technology platform enables the real-time pricing and purchasing of customizable weather insurance using proprietary global weather simulation modeling and local weather monitoring systems. Unlike traditional insurance, The Climate Corporation's products pay out automatically based solely on measured weather conditions, requiring no claims process and no waiting for payment. For more information, please visit http://www.climate.com or follow the company on Twitter @climatecorp.