Skyline Partners Ltd., a parametric outsourcing platform provider, has launched a joint project with the European Space Agency to utilise space assets and technology to efficiently provide parametric insurance products for drought and wildfire risks globally.
The Business Applications and Space Solutions programme of the European Space Agency will be heading this programme with Skyline Partners.
The proposed solution will allow risk carriers to enter the parametric insurance sphere without a large up-front investment in expert personnel, data, or technology.
The project aims to enable the transformation of parametric drought and wildfire coverage from a niche area of the insurance sector to a substantial line of business.
Laurent Sabatié, Co-Founder and Executive Director, Skyline Partners, commented, “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. We are delighted to have engaged with the European Space Agency to investigate the possibilities of using space assets to build resilience through insurance.”
Gethin Jones, Co-Founder and Executive Director, Skyline Partners, added, “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, European Space Agency, said, “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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