Just to confirm that the world's first weather index typhoon insurance has been launched in the Philippines - May 2009.
The cover gives an automatic payout based on the policyholders GPS location. The distance and wind speed of the typhoon taken from the JMA typhoon track data.
It was launched on Panay Island, soon available in the rest of the Philippines - mainly aiming at rice farmers. It is through Malayan Insurance Company.
Thanks go to Michael Padua for his advice on this product!
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