A Phytoplankton swirl in the Sea of Marmara in June 2021. Photo: Planet

Planet Labs has expanded its strategic partnership with AXA Climate to offer insights from Planet’s satellites that inform parametric insurance products for a drought insurance program. 

AXA Climate is a subsidiary of multinational insurance firm AXA, which focuses on helping agri-food, industrial, and public sectors adapt to climate change and biodiversity loss. AXA Climate offers drought insurance services that estimate crop yield and losses and automatically provide payouts. 

AXA Climate uses Planet’s Planetary Variables Soil Water Content data feed to measure water in soil at high resolution in areas of interest, in order to determine drought risks. The company started offering its index insurance service in southern and central Brazil this year, and plans to expand services in Brazil and globally with this extended partnership. 

“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.