IBISA offers simple and effective parametric insurance products to for mitigating risk of those impacted by climate catastrophe

IBISA has secured a $3 million investment round to expand its parametric insurance solutions for weather-related risks across Asia and Africa.

IBISA is a climate insurtech firm.

It has raised $3 million for expanding its climate related insurance product offering .

The Acumen Resilient Agriculture Fund (ARAF) and Equator led the round, which also included Asian Development Bank Ventures (ADBV) and current investors such as Ankur Capital.

This strategic investment will help IBISA make parametric insurance more accessible.

According to the Food and Agriculture Organisation of the United Nations, the global impact of extreme weather events on agriculture is estimated to be $10-15 billion per year.

IBISA offers simple and effective parametric insurance products to for mitigating risk of those impacted by climate catastrophe.

Parametric (or index-based) solutions are a sort of insurance that covers the likelihood of a preset event occurring rather than compensating for actual losses suffered.

IBISA develops and markets parametric insurance solutions to increase financial resilience in areas where populations are most exposed to the effects of extreme weather occurrences.

IBISA does this with satellite and actuarial technologies, with a particular emphasis on India, where it will create a local presence in 2023.

Parametric insurance is an agreement to pay a sum of money if a triggering event occurs, and it is not associated with any actual asset or piece of infrastructure.

IBISA has developed a pioneering heat stress product insurance that was designed for dairy farmers in India and is now being expanded to other countries, including Bangladesh.

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