AXA Climate and SatSure AG have signed a Memorandum of Understanding (MoU) to jointly offer parametric insurance solutions for private and public sector institutions on a global scale.
AXA sees climate risk understanding and mitigation as key in reducing the financial consequences that climate-related events may have on communities and businesses.
As part of the deal, SatSure will provide a detailed risk assessment using its satellite data and analytics-driven intelligence platform SPARTA.
AXA Climate will underwrite climate-related risks for clients active in the agriculture and critical infrastructure sectors.
Parametric insurance policies are designed to provide quick payouts in the immediate aftermath of a climatic disaster.
That means on-site visits are not required to assess the losses ensuring necessary liquidity whenever it’s needed most.
“AXA Climate is proud to be a data-driven insurance provider. Today, we’re pleased to announce our partnership with SatSure to use satellite data and analytics to innovate climate risk management,” explained Antoine Denoix, Chief Executive Officer of AXA Climate.
“We look forward to working with SatSure in delivering on our mission to provide immediate protection for communities and businesses against climate risks.”
Abhishek Raju, Global MD & Co-Founder at SatSure AG added, “We are very excited about this partnership with AXA Climate, and believe that it is globally disruptive with the marriage of deep analytics and financial product innovation, that would also shape the way SatSure engages with its clients from here on.”