Big Data for Big Weather Predictions

umbrella1 Big Data for Big Weather Predictions

The almost infinite applications of Big Data have been well documented in this blog, from identifying neighborhoods to empowering digital agencies to uncovering health trends to revolutionizing the dairy industry.  Last week, venture capitalists made a big bet on a new use for Big Data, an agricultural insurance policy protecting farmers from extreme weather, or more simply put, weather insurance.

Yup, we’ll write it again, just so you believe us – weather insurance. ¬†The Climate Corporation just received $50 million in funding, in order to hire 50 data scientists, software engineers, and quantitative researchers.

The Climate Corp. sells something called Total Weather Insurance, which pays local farmers when they are impacted by weather events that affect their profits. The company uses a massive cloud-driven data analytics service to predict the possibility of extreme weather, along with the potential impact. It prices its insurance policies accordingly based on that information.

 

Comments

  1. Jay Ulfelder June 22, 2012 at 7:19 am

    The U.S. government has insured crops against weather hazards, among other things, for more than 70 years at substantial expense. Total Weather Insurance is designed to help close a small gap in that coverage. See for more info.