Revolutionizing Parametric Insurance with Space Technology
Skyline Partners Ltd., a leading provider of parametric outsourcing platforms, has embarked on an innovative project in collaboration with the European Space Agency (ESA) to leverage space technology in delivering efficient parametric insurance solutions for global drought and wildfire risks. This groundbreaking initiative is spearheaded by the ESA’s Business Applications and Space Solutions program. The project is poised to facilitate the entry of risk carriers into the parametric insurance domain without necessitating substantial initial investments in specialized personnel, data infrastructure, or technology.
The core objective is to transform the niche sector of parametric drought and wildfire insurance into a significant line of business within the insurance industry. Laurent Sabatié, Co-Founder and Executive Director of Skyline Partners, expressed enthusiasm about the collaboration, stating, “As the complexity of triggers and indices in parametric insurance increases to better align with the needs of policyholders, the market is consistently exploring new data sources that can enhance these products. We are thrilled to partner with the European Space Agency to explore the potential of using space assets to build resilience through insurance.”
Gethin Jones, another Co-Founder and Executive Director at Skyline Partners, added, “Collaborating with ESA is a remarkable opportunity. In a world grappling with increasing uncertainty, it is crucial that we harness reliable new data sources to underpin the financial instruments that aid in global resilience building. We are excited to develop innovative applications of space technology to address practical global challenges.”
Ana Raposo, Business Applications and Partnerships Officer at the European Space Agency, commented, “We are thrilled to support Skyline Partners in advancing the use of space assets to enhance parametric insurance projects and products. We anticipate a highly productive collaboration.”
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