Friedberg explains WeatherBill achieves 40% claims frequency versus typical insurance industry's under 3%, creating operational barrier for competitors.
“Those small variations occur to 40% of farmers. So 40% of our farmers getting some money back at the end of the season”
Friedberg reports maritime insurance premiums spiked five-fold from 0.25% to 1.25% after IRGC announced Strait of Hormuz shutdown.
“The insurance premium spiked initially from a quarter percent, so point 25% of the value of the ship to 1.25%. So it went up by like five x.”
Friedberg says US government is using International Development Finance Corporation to directly insure maritime shipping routes through conflict zones.
“And so they're they're leveraging the credit capacity of this old USAID agency to go out and say to all the shipping companies, hey. We'll give you insurance on your routes.”
Friedberg explains Lloyd's of London started as maritime traders meeting in a coffee shop to underwrite shipping route risks.
“So in the seventeenth century, Lloyd's of London, which was a coffee shop in London where all the maritime traders would get together and they'd talk about, hey.”