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Agriculture provides essential social benefits: supply of food and commo= dities, economic development and employment. About 37% of Earth=E2=80=99s l= and surface is employed for agricultural purposes, about 11% of it used for= growing crops and the other 26% for pasture. In turn, agriculture is under= growing pressure arising from increased productivity requirements, soil er= osion and sealing, water scarcity, effects of various natural hazards and w= eather extremes due to changes in climate patterns.
Earth Observation (EO) is a powerful technique used to continuously prov= ide geospatial information across the agricultural value chain, measure pro= ductivity and increase in efficiency of agriculture, identify sustainabilit= y of farming practices and strengthening the resilience of rural communitie= s. Satellites can be applied to agriculture in several ways, initially as a= means of estimating crop biomass and potential yields. Optical and radar s= ensors can provide an accurate picture of the acreage being cultivated, whi= le also differentiating between crop types and determining their health and= maturity. The latter ones can be used to discover and monitor impacts of e= xtreme weather events on this sector.
Agricultural insurance is likely to have an increasing role as a risk ma= nagement tool in arable crops, horticulture and livestock farming. Several = common forms of insurance for the agricultural sector can be distinguished:= indemnity-based, yield-based and index-based structures. Hail Insurance an= d the Multi-Peril Crop Insurance (MPCI) are often either indemnity based or= yield based products.
Only in recent decades, new insurance solutions have been developed that= do not only cover crop loss due to hail, but also protect against other na= tural hazards. Changes in climatic patterns increase yield losses due to hi= gher frequency and severity of extreme natural events forces, which pushes = the insurance sector to address the negative effects of more natural hazard= s covered by various insurance products.
Given this, the insurance sector has a significant emphasis on identifyi= ng, gathering and aggregating data and getting access to local to regional = information, including history of losses due to effects and crop exposure t= o effects of relevant risks that could now be sourced from remote sensing a= nd earth observation data.