Blue Marble to test viability of microinsurance in Africa
Blue Marble Microinsurance, a body of eight companies aimed at creating a market for microinsurance, has made its first venture in Zimbabwe, with the aim of providing drought protection to smallholder maize farmers.
The venture in Zimbabwe is aimed at gaining insight into how to make the insurance solution sustainable and impactful, although Blue Marble plan to scale the venture across Africa.
The design of a proprietary index to support the insurance product is a collaboration of data scientists and agronomists from the eight consortium companies.
The venture uses point-sensor technology to measure rainfall and plant health throughout the growing season, which complements traditional grid remote-sensing data to create a higher-resolution parametric insurance cover.
Joan Lamm-Tennant, CEO of Blue Marble Microinsurance, said: "I am delighted that Blue Marble’s eight consortium companies have come together to launch this promising venture in Africa. By working together, we will bring insurance protection to the underserved in Zimbabwe, a region once known as the breadbasket of Africa but now constrained by food insecurity.”
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