ZEP-RE Extends Planet Partnership for Drought Insurance Program in Horn of Africa
May 20 2024 - 9:00AM
Business Wire
Planet Labs PBC (NYSE: PL), a leading provider of daily data and
insights about Earth, today announced a contract extension with
ZEP-RE, an African reinsurance company headquartered in Nairobi,
Kenya. The extension follows a successful first year of
collaboration leveraging Planet’s insurance solutions to enhance
drought risk protection in the Horn of Africa (HOA) and paves the
way for continued collaboration for a 5-year project ending in
October 2027.
Today, ZEP-RE uses Planet solutions to expand its insurance
program and is currently supporting over 2 million pastoralists
affected by drought in the HOA. This is through a drought index
that has been customized by location to determine payout amounts,
premium rates, and enable direct claims payment to the
pastoralists. By year five, the program aimed to reach 1.6 million
pastoralists; it achieved this milestone in year two.
“Drought is a persistent threat not only to the health and
well-being of livestock in the HOA, but also to the livelihoods of
communities, impacting their economic stability, social cohesion,
and overall quality of life,” said Berend de Jong, Global Insurance
& Finance Lead at Planet. “Our data is a powerful and unique
tool for ZEP-RE to develop and execute insurance programs that help
protect the livelihood of pastoralists in these drought-vulnerable
geographies. Planet data helps provide transparency and trust for
all partners involved. The strength of our satellite network
enables the continuity of the data service. We look forward to
continuing and expanding this critical work together.”
ZEP-RE uses Planet satellite data and reporting to measure
vegetation health for an area more than 1,000,000 km2 in the Horn
of Africa. ZEP-RE then uses this data to quantify conditions,
provide objective measurements of drought, and fast payouts to
impacted pastoralists in case of a drought situation.
“Since our partnership began, we have been impressed by the
resilience and scope of Planet’s data set,” said Hope Murera, CEO
at ZEP-RE. “Through near-daily data availability, we are able to
track shifting NDVI values with high frequency helping us be more
efficient in our payouts to better serve these vulnerable
communities affected by drought.”
ZEP-RE and Planet’s partnership began in October 2022 as part of
the DRIVE program, intending to enhance pastoralists’ access to
financial services for drought risk mitigation, include them in the
value chains, and facilitate the livestock trade. Since then,
ZEP-RE has leveraged Planet satellite data 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.
Learn more about how ZEP-RE leverages Planet data for drought
insurance programs.
About Planet
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. Planet provides mission-critical data,
advanced insights, and software solutions to over 950 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 listed on the New
York Stock Exchange as PL. To learn more visit www.planet.com and
follow us on X (formerly Twitter).
About ZEP-RE
ZEP-RE (PTA Reinsurance Company) is a specialized 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.
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 and include them in value
chains and facilitate livestock trade To learn more, visit ZEP-RE
and DRIVE.
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version on businesswire.com: https://www.businesswire.com/news/home/20240520741868/en/
Planet Press Claire Bentley Dale comms@planet.com
Planet Investor Relations Chris Genualdi, Cleo Palmer-Poroner
ir@planet.com
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