The Luxembourg-based startup Ibisa, renowned for its innovative climate insurance solutions, has successfully raised $3 million to drive its growth initiatives across Africa and Asia. This funding round was led by the Acumen Resilient Agriculture Fund (Araf) and Equator, with additional contributions from Asian Development Bank Ventures (ADBV) and continued support from previous investors, including Ankur Capital.
Enhancing Parametric Insurance Products
With this new capital infusion, Ibisa aims to enhance its efforts in developing parametric insurance products. These products leverage technology to offer efficient and responsive climate risk coverage. Ibisa’s current portfolio includes a range of climate insurance solutions tailored for various sectors, such as agriculture, protection against typhoons, and loan coverage for financial institutions.
Innovative Offerings
One of Ibisa’s standout products is a heat stress insurance solution, initially designed for dairy farmers in India. This product is now being expanded to other climate-vulnerable regions, including Bangladesh, to provide crucial support against the impacts of climate change.
Significance in Africa
Climate insurance solutions like those provided by Ibisa are particularly significant in Africa, a continent disproportionately affected by climate change. Africa experiences severe droughts and catastrophic events, such as Cyclone Freddy, which caused extensive damage in Madagascar and Mozambique earlier this year. Ibisa’s initiatives are poised to offer much-needed protection and resilience against these climate-related challenges.