Even the top 10% of pasture-based dairy farmers (in this case Gippsland, Victoria) “can’t afford to have too many bad years,” Lane said. To manage risk, traditionally farmers have paid down debt and built equity as well as accumulated fodder reserves. Dairy farmers are 80% dependent on rainfall or irrigation from surface dams, said Neil Lane, technical manager at Intelact Australia. Optimists also exist in the Australian dairy industry, but so do realists. In running the pilot, several lessons have been learned, Book said, including that “farmers are eternal optimists,” which creates challenges for companies providing risk management tools. The product has been introduced as a pilot. Book’s company has developed YieldShield, a “tool to transfer the risk of a growing season not reaching its reasonable expectations.” This isn’t an income guarantee cover, but a yield model based on basis risk. The weather-based derivatives market covers rain and frost. Right now, existing insurance products are limited to hail, fire and frost, said Peter Book, underwriting manager at Primacy Agricultural Insurance Specialists. The Australian agriculture sector is seeing more weather risk products tailored for the needs of farmers, growers and traders. Interest is rising from the agriculture sector
With the latest WRMA Industry Survey expected to be released in May, international practitioners anticipated an increase of new end-user participants and more repeat users of weather derivative products. Trends in the weather market were discussed by an international panel of weather experts, who made their own predictions about the direction of the weather risk market. Walker cautioned attendees of a tumultuous 2011 with anticipated effects more intense than 2010. Like his father, Walker used the theory of sun spots to correlate sun spot activity with an increase in dramatic weather events including volcanoes, floods, drought, and earthquakes. WRMA’s Australian Meeting was held 9-11 March in Melbourne.Ĭlimatologist Hayden Walker briefed attendees on the increasing need for risk management with a predicted increase in extreme weather events for the near future. MELBOURNE (17 March 2011) - Managing weather risk can be challenging but, as attendees learned at the Weather Risk Management Association’s Australian Meeting, more creative and innovative tools are available to help Australian businesses handle their exposure. Get a ticket soon to ensure you can attend. Most of these oblasts are in northern Ukraine along the Russian and Belarus borders, where Russian forces started their invasion.Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. The oblasts, or regions, with the biggest difference in acreage planted between 20 are: Kyle Tapley, Maxar meteorologist, said, “ With the Russian invasion affecting spring crop planting in Ukraine, Maxar’s WeatherDesk used proprietary processing to project that farmers might harvest up to 50% fewer crops this fall compared to 2021.”Ĭompared to 2021, farmers planted 30% less acreage in 2022, a difference of more than 5,800,000 hectares (14.3 million acres). There are many factors that disrupted this year’s planting season, including farmers who left the fields to defend their country, farmers who couldn’t plant due to fighting in the area, and the availability of seeds. Ukraine usually plants corn and sunflowers in April and May for harvesting in September and October.
Compared to 2021, Ukrainian farmers planted 30% less spring acreage in 2022.
#Mda weatherdesk series
Maxar’s WeatherDesk, an on-demand product that transforms regularly changing weather data into actionable insights, used MODIS imagery from NASAand analyzed normalized difference vegetation index (NDVI) time series data to develop the below assessment of Ukraine’s crops as of early June 2022.
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