The consequences of climate change with more extreme and unpredictable weather can adversely affect crop yields, and thus hit farmers hard financially. Therefore, as the first Danish company, we have introduced a crop insurance that provides compensation for loss of crop yield caused by extreme weather.

The product itself does not directly contribute to solving the climate challenges, but it helps farmers to have a more stable operation during the new weather-related circumstances. The insurance covers up to 80% of the farmer's lost earnings. In the future, this may help to smooth cyclical fluctuations in relation to effects of the climate changes.
 

Prior to the development of the new insurance product, we have researched the agricultural sector’s needs and concerns in relation to severe weather in the future, and how it will affect the crop yield. Of the responding farmers, 59% responded that they expect more unstable weather over the next 10 years. Drought, cloudbursts, storms and hail were primarily identified as the major adverse climate impacts for the harvest. The same proportion of farmers expressed interest in an insurance product.  

After launching the first version of the crop insurance, the cover has now been extended, so we are now able to offer the insurance on the most common agricultural crops as well as several specialised crops.  
The product has been well received on the market, but as with all new products, the customers need time to get accustomed to it.