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Luxembourg InsurTech Startup Ibisa Secures $3 Million for Climate Insurance Expansion in Africa

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Luxembourg-based climate insurance innovator Ibisa has secured $3 million in funding to accelerate its expansion in Africa and Asia.

The funding round was led by Acumen Resilient Agriculture Fund (Araf) and Equator, with participation from Asian Development Bank Ventures (ADBV) and existing investors like Ankur Capital.

This investment will fuel Ibisa’s development of parametric insurance solutions – a technology-driven approach to offering climate risk protection.

The company currently offers various climate insurance products, including those tailored for agriculture, typhoons, and loan protection for financial institutions.

One of Ibisa’s pioneering solutions is heat stress insurance, initially developed for dairy farmers in India.

This product is being expanded to other vulnerable regions like Bangladesh.

These solutions are particularly relevant in Africa, where communities face the brunt of climate change through frequent droughts and devastating natural disasters like Cyclone Freddy, which ravaged Madagascar and Mozambique earlier this year.

“The need for affordable parametric insurance is crucial for African farmers to withstand climate shocks,” said Tamer El-Raghy, Director General of Araf.

The Food and Agriculture Organization estimates that extreme weather events cost global agriculture a staggering $10-15 billion annually.

Ibisa’s innovative approach holds immense promise for building resilience against climate change in some of the world’s most vulnerable regions.

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