I just read Techcrunch, and I’m surprised that there is really such thing as the weather insurance.
And just before you laugh, read the quote from Techcrunch, it’s not kidding, it’s ‘damn’ serious:
Barney Schauble, a partner at Nephila Capital and WeatherBill’s risk capacity partner, will join WeatherBill’s Board of Directors. Total funding for Weatherbill to date is now $16.5 million.
WeatherBill was founded by former Googler David Friedberg and offers weather insurance policies to individuals and businesses. Users can also use WeatherBill to place cash bets on the weather in a given geographic area.
I do find this startup creative in using weather as business for insurance. Perhaps, it’s feasible in other countries where there are natural disaster that disrupt business continuity like hurricane, storm, tornado etc. That’s probably why it’s quite a high cost investment, afterall if business building equipment and property get damage, it can easily add up to millions. It remain to be seem how it can be sustainable consider that some areas in US may be prone to flood, natural disaster during certain season.
I glad we never need that in Singapore. I rather have Toto insurance because the probability of losing is far greater than winning. Hmmm, wonder how much will it cost then ?