Planet and AXA Climate Extend Strategic Partnership to Drive Drought Insurance Program
May 10 2023 - 9:00AM
Business Wire
Planet Labs PBC (NYSE: PL), a leading provider of daily data and
insights about Earth, today announced the extension of their
strategic partnership with AXA Climate, a company that provides
consulting services to the agri-food, industrial, financial and
public sectors to help them successfully adapt to climate change
and biodiversity loss, in a regenerative way. The extension aims to
offer continued satellite data-driven insights for the development
of parametric insurance products, which help protect farmers
against the effects of drought on their livelihoods.
Based in Paris, France, AXA Climate, offers unique drought
insurance services that estimate crop yield and losses and
automatically trigger payouts within a few days of an end of a risk
period. This enables farmers and agricultural stakeholders, such as
suppliers and processors, to swiftly receive compensation and
much-needed support during challenging times.
“With Planet’s unique satellite data, AXA Climate has been able
to provide a high quality index insurance coverage service for
farmers and cooperatives. We can now act quickly to help farmers
and stakeholders combat the major threat of drought to agriculture
around the world,” said Antoine Denoix, CEO of AXA Climate.
Planet owns and operates the largest fleet of Earth observation
satellites in history, with approximately 200 satellites currently
in orbit. The company collects an image of every land-based
location on Earth on a near daily basis, generating an
unprecedented dataset. These insights are combined with additional
public satellite data offerings to deliver continuous,
scientifically rigorous data that measures and quantifies the
changing conditions of the surface of the Earth, including soil
moisture.
Using Planet’s Planetary Variables Soil Water Content data feed,
AXA Climate receives a measurement of the volume of water contained
in soil at a high resolution in their areas of interest to a depth
of about 5 centimeters. This critical information helps the
insurance company determine risk for drought-related losses, such
as crop yields. AXA Climate calculates a soil moisture index from
this data, which serves as a reliable indicator of the amount of
water available for crops. This index is closely associated with
yield variability, making it an essential factor to consider in
agriculture.
“These Planetary Variables provide accurate, daily, global
measurements. AXA Climate is using our Soil Water Content variable
to monitor, and then provide automatic payments if the soil
moisture gets below a certain percent for more than a number of
days. This offers a powerful service that can support global
farmers in critical situations,” said Will Marshall, CEO of Planet.
“Abstracting out critical measurables from satellite data enables
our customers to reach larger value, enable new applications and
thus more customers to get value from Planet’s data.”
Using Planet’s satellite data feeds, AXA Climate can obtain
reliable, up-to-date soil moisture data across the world and even
for remote regions. This year, the index insurance service started
operating in southern and central Brazil. With this extended
partnership, AXA Climate looks forward to expanding their services
in the country as well as globally. While these insights have been
critical for farmers, they have also proved to be valuable for
developing new approaches to mitigate the effects of climate change
beyond agriculture, such as monitoring natural disaster impact
risk.
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version on businesswire.com: https://www.businesswire.com/news/home/20230510005420/en/
Planet Press Lauren Neville comms@planet.com
Planet Investor Relations Chris Genualdi, Cleo Palmer-Poroner
ir@planet.com
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