The IBISA team. Credit: IBISA.

Climate insurtech company IBISA has raised $3m (€2.81m) to enhance its parametric insurance offerings, focusing on weather-related risks in Asia and Africa.  

The Acumen Resilient Agriculture Fund (ARAF) and Equator led the fundraise, with Asian Development Bank Ventures (ADBV) and existing backers such as Ankur Capital also contributing. 

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IBISA plans to use the investment to make parametric insurance more accessible and foster the development of products in emerging markets. 

According to the Food and Agriculture Organisation of the UN, the annual global costs of extreme weather events on agriculture is projected to be $10–15bn. 

Utilising satellite and actuarial technologies, IBISA crafts parametric insurance products aimed at enhancing financial resilience, particularly in regions severely affected by extreme weather events.  

The company has been intensifying its focus on India since establishing a local presence in 2023, recognising the country’s acute vulnerability to climate risks. 

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IBISA’s portfolio currently includes a variety of climate coverage options designed to address the needs of diverse stakeholders globally.  

These range from agricultural insurance products to typhoon insurance and loan protection for financial institutions.  

Notably, IBISA has introduced a heat stress product insurance, initially for dairy farmers in India, which it is now extending to other countries like Bangladesh. 

Last month, Arbol, a US-based parametric insurtech company, raised $60m in a Series B funding round to expand the adoption of parametric insurance products and establish climate risk as a tangible, investable asset class.