Climate insurtech seals deal to offer parametric insurance in Asia

Extreme weather events cost global agriculture $10b to $15b annually.

IBISA, a climate insurtech company, has secured $3m 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, with participation from Asian Development Bank Ventures (ADBV) and existing investors, including Ankur Capital. 

This investment aims to make parametric insurance more accessible.

The Food and Agriculture Organisation of the United Nations estimates that extreme weather events cost global agriculture $10b to $15b annually. 

IBISA addresses this by offering simple and efficient parametric insurance products to support those impacted by the climate crisis. 

Utilising satellite and actuarial technologies, IBISA creates insurance solutions that enhance financial resilience in vulnerable regions, with a particular focus on India since establishing a local presence in 2023.

IBISA provides a range of innovative climate coverages tailored to diverse stakeholders globally, including agricultural insurance, typhoon insurance, and loan protection for financial institutions. 

Notably, IBISA has developed a heat stress insurance product for dairy farmers, initially in India, which is now being expanded to countries like Bangladesh.

The new funding will allow IBISA to develop more products and further expand into emerging markets.