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Oct 2020

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Collaboration on enhancing climate resilience with parametric insurance

Source: Asia Insurance Review | Oct 2020

AXA Climate and SatSure AG have signed an MoU jointly to offer parametric insurance solutions for private and public sector institutions on a global scale.
 
The effects of climate change and global warming are already evident resulting in warmer average temperatures, more frequent heatwaves as well as erratic rainfall patterns. Climate risk understanding and mitigation is important to reduce the financial consequences that climate-related events may have on communities and businesses.
 
SatSure AG will provide a detailed risk assessment using SPARTA, its intelligence platform driven by satellite data and analytics, while AXA Climate will underwrite climate-related risks for clients active in the agriculture and critical infrastructure sectors.
 
The SPARTA platform enables combining of satellite imagery with weather, IoT, social and economic datasets, among many others to generate timely, location specific insights.
 
Parametric insurance policies are designed to provide quick pay-outs in the immediate aftermath of a climatic disaster. That means on-site visits are not required to assess the losses ensuring necessary liquidity whenever it’s needed most.
 
AXA Climate CEO Antoine Denoix said, “We are pleased to announce our partnership with SatSure to use satellite data and analytics to innovate climate risk management.
 
 “We look forward to working with SatSure in delivering on our mission to provide immediate protection for communities and businesses against climate risks.”
 
SatSure AG global MD and co-founder Abhishek Raju said, “We are very excited about this partnership, and believe that it is globally disruptive with the marriage of deep analytics and financial product innovation, that would also shape the way SatSure engages with its clients from here on.”
 
AXA Climate the AXA Group’s solutions platform designed to help clients build resilience with adaptation services, protect and alert clients in real time with CYMO and help recover faster with parametric insurance.
SatSure is a decision intelligence company that leverages advances in satellites, machine learning and big data analytics to provide answers to large area questions across multiple domains like agriculture, forestry, insurance, irrigation, cities, environment and oil and gas. A 
 
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