IBISA: Pioneering Climate Insurance Solutions for Vulnerable Communities in Asia and Africa

June 26, 2024, 3:45 am
IBISA NETWORK
IBISA NETWORK
AgriTechBlockchainBusinessFinTechFoodTechGreenTechIndustryInsurTechManagementPlatform
Location: Luxembourg
Employees: 11-50
Founded date: 2019
Total raised: $4.7M
IBISA, a dynamic climate Insurtech company based in Luxembourg, has recently secured a substantial $3 million funding round to bolster its parametric insurance offerings for weather-related risks across Asia and Africa. This significant investment, spearheaded by The Acumen Resilient Agriculture Fund (ARAF) and Equator, is poised to revolutionize the accessibility of parametric insurance in regions most susceptible to the devastating impacts of extreme weather events.

By harnessing cutting-edge satellite and actuarial technologies, IBISA stands as a beacon of hope for communities grappling with the harsh realities of the climate crisis. With the global cost of extreme weather events on agriculture estimated to be a staggering $10-15 billion annually, as reported by the Food and Agriculture Organization of the United Nations, the need for innovative insurance solutions has never been more pressing.

IBISA's mission is clear: to provide simple and efficient parametric insurance products that empower those affected by climate-related challenges. With a particular emphasis on India, where the company established a local presence in 2023, IBISA is committed to expanding its reach and impact in emerging markets. Through a diverse suite of climate coverages tailored to meet the needs of various stakeholders worldwide, including agricultural-focused insurance products, typhoon insurance, and loan protection for financial institutions, IBISA is reshaping the landscape of climate resilience.

Maria Mateo, the visionary CEO of IBISA, expressed the company's unwavering dedication to innovation and market efficiency. She emphasized IBISA's transition into the industrialization phase of its journey, fueled by the recent fundraising efforts and the unwavering support of both existing and new investors. The goal is clear: to amplify product offerings, expand within current markets, and explore new opportunities for growth and impact.

Tamer El-Raghy, Managing Director of ARAF, underscored the critical importance of low-cost parametric insurance products for African farmers, who are among the most severely impacted by climate change. The investment in IBISA represents a pivotal step towards building climate resilience and ensuring that vulnerable communities can weather the storm of climate shocks.

Nijhad Jamal, Managing Partner of Equator, highlighted the strategic alignment of investing in IBISA with the firm's commitment to supporting innovative ventures that drive climate adaptation and resilience. IBISA's technology and business model position it as a catalyst for scaling access to affordable parametric insurance products across emerging markets, paving the way for a more sustainable and resilient future.

Thitirat Sittakaradej of ADB Ventures echoed the sentiment, emphasizing the crucial role of IBISA's cutting-edge approach in making parametric insurance accessible and affordable for climate-vulnerable communities in Asia and the Pacific. As climate events continue to escalate in frequency and intensity, the need for solutions like IBISA's becomes increasingly urgent in fostering meaningful climate resilience in the region.

Ritu Verma, Managing Partner at Ankur Capital, commended IBISA's commitment to leveraging deep technical expertise in parametric insurance to launch innovative products that safeguard vulnerable communities and small businesses against adverse climate events. The partnership between Ankur Capital and IBISA underscores a shared vision of transforming climate insurance across Asia, Africa, and the Pacific.

In conclusion, IBISA's groundbreaking efforts in the realm of climate insurance represent a beacon of hope for vulnerable communities in Asia and Africa. With a steadfast commitment to innovation, accessibility, and resilience, IBISA is poised to lead the charge in reshaping the future of climate insurance and fostering sustainable development in regions most impacted by the climate crisis.