ZEP-RE and Planet Collaborate on Drought Insurance Program in Africa
Initiative seeks to reduce risk within the African pastoral sector
SAN FRANCISCO–(BUSINESS WIRE)–Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced a new contract with ZEP-RE, a reinsurance company based in Nairobi, Kenya, to leverage Planet’s Basemaps products to enhance drought risk protection in the Horn of Africa (HOA).
ZEP-RE aims to leverage PlanetScope 3-5 meter resolution imagery through Planet’s analysis-ready, Surface Reflectance Basemaps products. Using pre-processed, Basemaps, Planet will deliver Normalized Difference Vegetation Index (NDVI) time series data to measure vegetation health for an area of more than 600,000 km2 of Eastern Africa. The reinsurance company will also be utilizing Planet data as their independent calculation agent to quantify conditions and provide metrics to measure drought. With this data they will further develop their drought index program and scale their risk calculation capabilities.
Working with Planet, ZEP-RE aims to expand the insurance program to support over 250,000 pastoralists in the HOA. In the process, they seek to generate a drought index that can be customized to locations to determine payout amounts, generate premium rates, and enable faster claims.
“At Planet, we are excited to be contributing data to support the livelihoods of pastoral farmers in Africa with ZEP-RE. We believe our data is a powerful and unique source of information for agricultural index insurance, and that it can bring value to vulnerable communities in their daily lives,” said Kevin Weil, President of Product & Business at Planet.
Along the grasslands of sub-Saharan Africa, drought is a persistent threat to economies and livelihoods. ZEP-RE is the implementing agent of a regional project, DRIVE, intending to enhance pastoralists’ access to financial services for drought risk mitigation, include them in the value chains, and facilitate the livestock trade. ZEP-RE will be leveraging Planet’s satellite data products to execute the risk protection product to support business continuity and expand its critical work in the region. DRIVE is a World Bank funded project in partnership with the governments of the four participating countries in the HOA; Djibouti, Ethiopia, Kenya and Somalia.
“We are thrilled to begin using Planet’s satellite data for the HOA DRIVE Index-Based Livestock Insurance product. With the reliability and quality of the Planet data, we can normalize the stream with our existing data and transition smoothly to continue our business model into the future,” said Ronald Kasapatu, Director of Agriculture & Micro Insurance at ZEP-RE.
For Planet, this first-of-its-kind application demonstrates the innovative use of their Surface Reflectance Basemaps and Professional Services to provide NDVI data that powers products for drought insurance. Showcasing the company’s evolving insurance offerings, this program highlights how the technology could be replicated with additional customers in the field.
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Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites, capturing over 30 TB of data per day. Planet provides mission-critical data, advanced insights, and software solutions to over 800 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation trading on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on Twitter.
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ZEP-RE (PTA Reinsurance Company) is a specialised institution of COMESA with the mandate to promote the trade in insurance and reinsurance trade through the creation of capacity, training of the region’s insurance personnel, provision of technical services and the reinvestment of premium funds within the region. It has a diverse set of shareholders of Governments, Government owned companies, DFIs, and private companies in the COMESA region.
The Horn of Africa De-risking, Inclusion and Value Enhancement (DRIVE) for pastoralist economies is a $360.5m project funded by the World Bank and partners to enhance pastoralists’ access to financial services for drought mitigation (Component 1), include them in value chains and facilitate livestock trade (Component 2) in the Horn of Africa. The project will be implemented in four Horn of Africa countries, namely Djibouti, Ethiopia, Kenya and Somalia. ZEP-RE was appointed as the implementing agent for Component 1 by the respective participating governments.
To learn more, visit ZEP-RE and DRIVE
Claire Bentley Dale
Planet Investor Relations
Chris Genualdi, Cleo Palmer-Poroner