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Skyline Partners Ltd., a parametric insurance specialist, has announced a new project in collaboration with the European Space Agency’s Business Applications and Space Solutions programme to leverage space-based technology for the development of parametric insurance solutions for drought and wildfire risks on a global scale.

By utilising satellite data and advanced space assets, the initiative aims to streamline access to parametric insurance, enabling risk carriers to enter the market without the need for significant upfront investment in expert personnel, data, or technology.

Moreover, 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.

Skyline Partners Co-Founder and Executive Director Laurent Sabatié, 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.”

Skyline Partners Co-Founder and Executive Director Gethin Jones, said: “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 at the European Space Agency, added: “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.”

Skyline Partners & European Space Agency team for parametric wildfire & drought solutions was published by: www.Artemis.bm
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