Skyline Partners Ltd., the parametric insurance catalyser, announces a project with the Business Applications and Space Solutions programme of the European Space Agency to utilise space assets and technology in the delivery of parametric insurance products for application to drought and wildfire risks, efficiently and on a global scale.
This proposed solution will allow risk carriers to enter the parametric insurance sphere without a large, upfront investment in expert personnel, data, or technology. The project is therefore intended to enable the transformation of parametric drought and wildfire coverage from a niche area of the insurance sector to a substantial line of business, which will help to tackle these increasingly severe perils.
“As the triggers and indices used for parametric insurance become more complex to ensure coverage best matches the needs of insureds, the market is continuously exploring new sources of data which can help us to improve parametric products,” says Skyline Partners Co-Founder and Executive Director Laurent Sabatié.
“We are delighted to have engaged with the European Space Agency to investigate the possibilities of using
space assets to build resilience through insurance.”
Skyline Partners Co-Founder and Executive Director Gethin Jones says: “It’s superb to be working with ESA. As uncertainty builds across the planet, it’s imperative that we harness new data sources which can be relied upon to underpin the financial instruments we use to help the world build resilience.. We are excited to work with the Agency to develop ways to apply space assets to the world’s practical challenges.” Ana Raposo, Business Applications and Partnerships Officer at the European Space Agency, says: “We are delighted to support Skyline Partners to advance the application of space assets for the improvement of parametric insurance projects and products and look forward to a highly fruitful collaboration.”
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