PriyaPatel
TLDR:
IBISA has secured $3m in funding to expand parametric climate insurance offerings in Asia and Africa. The investment will enable the company to develop innovative insurance products and enter new emerging markets.
IBISA, a leader in the Climate InsurTech sector, has raised $3m to enhance parametric insurance offerings in vulnerable regions.
The funding round includes contributions from The Acumen Resilient Agriculture Fund (ARAF), Equator, Asian Development Bank Ventures (ADBV), and Ankur Capital.
IBISA specializes in developing parametric insurance products using satellite and actuarial technologies to provide climate coverage for various stakeholders, including agricultural needs, typhoon coverage, and loan protection for financial institutions.
The funds will be used to create new insurance products and expand into new markets. CEO Maria Mateo emphasizes the company’s focus on innovation and market efficiency.
Tamer El-Raghy, Managing Director of ARAF, highlights the importance of low-cost parametric insurance products for African farmers and the value of IBISA’s technology.
The investment signifies a commitment to advancing climate resilience and supporting financial solutions in regions highly impacted by extreme weather events.
Overall, the funding will enable IBISA to amplify their product offerings, expand within current markets, and explore new opportunities.
