Satec has been the first underwriter to pioneer weather insurance coverages in Italy. With “Adverse Weather” we mean the insurance policy that will cover the risk of financial losses due to adverse weather conditions. The success of a business activity may depend on the presence (or the absence) of certain weather conditions. Precipitation (rain and snow), wind, temperature, humidity are some of the weather parameters that can badly affect anyone’s business.
Several example can be found in different business areas like agriculture (excess of cold or hot temperature), tourism (excess of rain, wind), alternative energy (lack of wind, lack of sun), movie production but also in other industrial and financial activities.
An interesting application of weather insurance is Weather Promotions (see Over Redemption/Promotions). In respect of risk analysis, we are supported by Meteotec srl, a subsidiary company specialized in environmental and meteorological research studying all phenoma that can have an impact on business activities (www.meteotec.eu).