Lockton Re has entered into a partnership with Verisk to innovate in U.S. agricultural insurance by utilizing advanced agricultural risk modeling tools. The collaboration aims to address climate change’s impact on crop production and insured losses, leveraging models that simulate various weather conditions and risks. Lockton Re’s agriculture practice leader emphasized the necessity for a data-driven approach to improve risk management solutions in the face of shifting climate patterns. This initiative reflects a growing trend in the crop insurance market towards indexed products, which gained notable traction in recent years.
