Weather Risk Management Services (WRMS), the agriculture and climate risk management firm, is expanding its operation to key markets in Latin America as it works to bring climate resilience for sustainable growth within the region.
The strategic expansion will focus on Argentina, Paraguay, Colombia, Brazil, Chile, Ecuador, Peru, Uruguay, and all other countries in the region. The company says that it will focus on these countries because of their large agricultural sector, emerging markets, and increasing climate risk management awareness.
The firm sees high potential to respond to local challenges linked to climate change and is committed to contribute to economic and environmental sustainability for those regions.
WRMS also aims to close the protection gap by providing risk management and insurance solutions designed to mitigate the financial impacts of climate events. These efforts are supported by the transition to a low-carbon economy through sustainable practices.
Ultimately, WRMS feels that the expansion will empower local communities by building capacity and supporting their sustainable development initiatives as they tackle climate-related challenges and enhance operational efficiency.
Alongside their agricultural financing, risk management and technology services, WRMS offers parametric and index-based climate and natural catastrophe insurance solutions.
WRMS will adopt climate risk management solutions tailored to the Latin American market, addressing transition and physical risks. The firm will leverage the latest climate modelling tools and domain expertise to develop solutions suited to the local context.
These solutions will be customised to meet regional regulatory standards and cultural expectations, including cyclone insurance in Haiti and crop insurance in Honduras.
By focusing on the global ESG goals, the firm hopes to drive the implementation of sustainable practices and productivity improvements across the value chain, which the firm says will help local communities reduce financial losses from catastrophic events through financial inclusion, and create jobs through public-private partnership programmes.
Importantly, WRMS will work closely with local insurers, government agencies, NGOs, and agricultural cooperatives to effectively implement its risk management and insurance solutions.
Anuj Kumbhat, Founder & Chief Executive Officer, WRMS, commented: “The expansion in Latin America will prove to be one of the most significant milestones for WRMS, showing our commitment to support global climate resilience in some of the most weather-vulnerable regions.
“We are committed to not only protecting businesses but also ensuring the sustainability of the local communities in these critical regions through our financial tools and customised solutions. This expansion reflects WRMS’s long-term commitment to the region, aiming to build a multi-sector presence in infrastructure, renewable energy, and urban planning.”
Kumbhat continued: “WRMS will establish strategic partnerships and continuously adapt its solutions to support the region’s economic growth and resilience. Aligned with the broader strategic goal of becoming a leader in climate risk management, this move solidifies WRMS’s role as a key partner in delivering tailored climate risk solutions that drive significant, lasting change across Latin America.”
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Publish date : 2024-09-13 03:00:00
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