Farmers Edge Announces First of its Kind Canola Heat Blast Yield Protection
28 April 2021 - 9:00PM
Business Wire
Affordable, easy-to-use insurance
product reduces the risk of extreme weather for canola growers in
Alberta, Saskatchewan, and Manitoba
Farmers Edge Inc. (TSX: FDGE), a Winnipeg-based pure-play
digital agriculture company, is pleased to offer Canada’s first
Canola Heat Blast Yield Protection to its customers. This
innovative digital product will help Canadian farmers protect the
substantial investment in their canola crop while mitigating the
financial damage that an extreme heatwave can have on yields.
Farmers Edge digitizes the flow of insurance data from start to
finish, and Munich Re, one of the global leaders in the insurance
industry with A+ (Superior) Financial Strength Rating affirmed by
AM Best, will underwrite the contract. Seamless connectivity with
Munich Re ensures fluid information delivery providing unique user
experience.
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Affordable, easy-to-use insurance product
reduces the risk of extreme weather for canola growers in Alberta,
Saskatchewan, and Manitoba. (Graphic: Business Wire)
Heat blast occurs when temperatures rise above 28 C during the
day and above 16 C at night. This heat level disrupts the canola
plant’s growth cycle leading to a drop in yield at harvest. In 2020
alone, Canada’s prairie provinces experienced numerous days where
the temperature exceeded this threshold. High temperatures combined
with dry conditions can lead to significant yield losses.
This parametric insurance solution is affordable, easy to use,
and eliminates the paperwork and hassle of filing a claim for busy
farmers. Farmers Edge customers simply choose which fields they
wish to insure, and their digital platform FarmCommand does the
rest. It will passively collect all the data (temperature, field
conditions, planting date), trigger a guaranteed claim when the
weather and cumulative growing degree day thresholds are met, and
automatically send it to Munich Re. All of this is done in
real-time, expediting the insurance settlement process and
eliminating the need for a claim adjustment. Best of all, it is
fully transparent and requires no supervision on the part of
farmers.
“We are thrilled to offer Canadian canola farmers this novel
product that can help them deal with the catastrophic effects of
climate change on their crops,” said Wade Barnes, Chief Executive
Officer and founder of Farmers Edge. “Growers have never had access
to a product like this to protect themselves from excess heat that
can be extremely damaging to the crop. With canola prices hitting
record highs, this gives farmers peace of mind and allows them to
focus on farming.”
“Every year we hear reports of ‘Heat Blast’ in canola caused by
heat and lack of rain,” said Thom Weir PAg, Senior Agronomist at
Farmers Edge. “A product that allows farmers to insure against
losses caused by heat blast is one more risk management tool that
will allow producers in susceptible areas to protect their
financial inputs into their canola crops.”
About Farmers Edge
Farmers Edge is leading the next agricultural revolution with
the industry’s broadest portfolio of proprietary technological
innovations, spanning hardware, software, and services. Powered by
a unique combination of connected field sensors, artificial
intelligence, big data analytics, and agronomic expertise, the
Company’s digital platform turns data into actions and intelligent
insights, delivering value to all stakeholders of the agricultural
ecosystem. Farmers Edge disruptive technologies accelerate digital
transformation on the farm and beyond, protecting our global
resources and ensuring sustainable food production for a rapidly
growing population. For more information, please visit
www.farmersedge.ca and SEDAR (www.sedar.com).
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version on businesswire.com: https://www.businesswire.com/news/home/20210428005379/en/
Media: Richard Berman richard@verbfactory.com 647-294-8372
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