WRMS introduced Weather Insurance designed to combat climate change in India
New Delhi, December 29, 2015 -‐-‐ It all started back in 2003, when Sonu Agrawal founded this concept while he was working with an insurance company. He moved out and established Weather Risk Management Services [Weather Risk/WRMS] along with his partner Anuj Kumbhat and launched custom designed products in partnership with several insurance companies.
“The entire world is talking about the potential losses due to climate change. However,a new concept called weather insurance to cover such lossesis being talked about world over and will be taken up in COP 21, Paris.WRMS introduced this concept in India. Today over 30 million farmers in India are covered under weather based insurance programs. Several countries in Africa and Asia are now following the example set in India by WRMS. Today WRMS is implementing weather insurance programs in Bangladesh, Cambodia and South Africa.” said Sonu Agrawal, Founder and Managing Director of WRMS.
WRMS uses automated weather station and other devices developed in collaboration with leading experts at the Indian Institute of Technology Kanpur, Indian Institute of Science and Rensselaer Polytechnic Institute in New York, to gather data. This data is then used to help insurance companies design weather insurance policies for comprehensive management against climate change and weather catastrophe.
Headquartered in India with offices in North America, Africa and Germany, WRMS works with leading Fortune 500 companies and global insurance & reinsurance majors to help farmers across India, Southeast Asia, Africa and Latin America fight against climate risk.