As the world continues to grapple with the effects of climate change, extreme weather events have become more frequent and severe. The Food and Agriculture Organization of the United Nations estimates that the global cost of extreme weather events on agriculture is between $10-15 billion annually. This has led to the rise of climate insurtech companies like IBISA, which recently closed a $3 million funding round to scale its parametric insurance solutions for weather-related risks in Asia and Africa.

The funding round was led by The Acumen Resilient Agriculture Fund (ARAF) and Equator, alongside the Asian Development Bank Ventures (ADBV) and existing investors including Ankur Capital. This strategic investment will empower IBISA to make parametric insurance more accessible to those affected by the climate crisis.

IBISA leverages innovative satellite and actuarial technologies to design and operate parametric insurance products that promote financial resilience in regions where communities are the most vulnerable to the impacts of extreme weather events. With a special emphasis on India, where the company established a local presence in 2023, IBISA is providing simple and efficient parametric insurance products to help those affected by the climate crisis.

As insurance executives, you understand the importance of providing financial protection to those in need. With the rise of climate-related risks, it’s more important than ever to offer innovative solutions that can help communities build resilience. IBISA’s parametric insurance products are a step in the right direction, providing a simple and efficient way to protect against weather-related risks.

But IBISA can’t do it alone. As insurance builders, you have the power to develop and scale parametric insurance solutions that can make a real difference in the lives of those affected by the climate crisis. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Join us in our mission to provide financial protection to those in need. Contact Riskwolf today to learn more about how we can help you develop parametric insurance solutions for weather-related risks.

(Source: FinDevGateway)