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Mitsui Sumitomo to sell weather-linked insurance

Japanese insurer's product could help companies expand in disaster-prone areas

TOKYO -- Mitsui Sumitomo Insurance will soon launch a product worldwide that covers damage caused by particular weather conditions. The insurer expects that the plan will encourage companies to expand into regions that are vulnerable to drought and other severe conditions, particularly in emerging economies in Southeast Asia.

The Japanese insurer has partnered with NASA to develop the product, collecting detailed weather data available from the U.S. space agency's satellites, such as surface temperatures and the spread of damage from floods.

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