ScaleAgData made a significant contribution to the 2024 AgroInsurance International Conference agenda with three compelling presentations from its consortium members: AgroInsurance International, VITO Remote Sensing and KUVA Space.
Ian Shynkarenko (AgroInsurance International) discussed 'Regional Market Development and Technology Applications for Agricultural Risk Management in Eastern Europe, Caucasus and Central Asia.'
Malathy Eskola (KUVA Space) highlighted 'Unlocking New Agro-Insurance Opportunities with Innovative Spaceborne Near Real-Time Insights.'
Laurent Tits (VITO Remote Sensing) delivered an inspiring session on 'Innovative Earth Observation (EO) Solutions in Support of Agricultural Insurance.'
In addition to these presentations, ScaleAgData representatives facilitated a crucial panel discussion addressing the existing gaps between the EO and insurance industries. The discussion focused on the rapid advancements in EO data technology and the slow adoption of operational EO solutions by the insurance sector. Key challenge identified include the insurance industry's limited in-house capacity, technical skills, and expertise in implementing EO technologies.
On the EO side, the main hurdle is providing fully operational analytical solutions that combine complex data overlays with easy-to-use, comprehensive reporting for insurance specialists.
The ScaleAgData team highlighted several focus areas, including new in-situ measurements and instruments, reliable production and weather datasets, and accessible hyperspectral EO data for high-resolution monitoring. They emphasized the fusion of satellite imagery and drone data, combined with AI-driven automated data analysis and reporting, to meet the key requirements of the insurance industry.
Recognizing the existing industry gaps and challenges, ScaleAgData representatives reaffirmed the importance of research activities, which align with the EU Green deal goals for climate resilience, food security, biodiversity, and sustainable agricultural practices.
The project's research aims to enhance monitoring and forecasting of crop yields, and assess potential decreases due to climate risks and natural catastrophes.
Selected insurers and reinsurers will be invited to join ScaleAgData as peers and stakeholders contributing to discussions, workshops, validation meetings and milestone reviews.