Euddia (/u:’diya/) is derived from the Greek word eudia, which means “fair weather”, and we are three friends who went to grad school together and share the passion to democratize weather insurance.
Weather is one of the underlying engines of the world economy and the financial loss associated with weather is estimated to be $170 billion per year. However only 30% of this loss is insured and one of the main reasons for low adoption of weather insurance is lack of availability.
At Euddia, we believe society needs to build resilience to climate change and with technology we can reach underserved markets. Through our P2P platform, we will connect insurance buyers with individual “peer investors” who will each assume a small portion of many different insurance policies. The justification is simple: we believe that individuals acting together can underwrite and offer insurance policies more cheaply than traditional insurance companies. On the other hand, our “peer investors” will have a compelling investment opportunity.
Imagine a Malawian farmer’s tea crop is inured directly by US investors. These farmers are often fully exposed to weather shocks from an uncertain climate, and yet bear little responsibility for the greenhouse gasses that are causing climate change. Euddia wants to be the partner that these farmers can lean on.
While agriculture is a big market for us (as illustrated by the aforementioned example), we don’t want our design to be limited by agriculture as Euddia can help any sector and individual that is affected by adverse weather events.
We hope the design to be modern, convey trustworthiness, but also steer away from the stuffiness associated with traditional insurance industry.
We are open to great ideas and we look forward to receiving your entry!
The Euddia Team