Revolutionizing Agriculture Insurance With Satellite Data: Watch the Webinar On Demand
PlanetScope image of agricultural patterns near Regina, Saskatchewan, Canada, captured July 18, 2024. © 2024 Planet Labs PBC. All Rights Reserved.
TechFrom droughts in South America to floods in Europe and hurricanes in the United States, extreme weather events are pushing traditional insurance models to their limits. The challenges are daunting, but new tools are emerging to meet these needs.
In the Planet webinar, “Revolutionizing Agriculture Insurance With Satellite Data: Insights for 2025,” industry leaders showcased how advancements in satellite technology are equipping the agriculture insurance sector to adapt, innovate, and scale solutions. With continual access to reliable and accurate satellite data, insurers can monitor crops, assess damage in near-real time, and deliver more precise payouts, even in remote or underserved regions.
Watch the full recording on-demand, or read on for key highlights.
Key Highlights From the Webinar
Insights from industry experts focused on several key areas:
- The revolution in agriculture insurance is about scale. New programs, facilitated by satellite technology, are now supporting whole communities and countries. Some examples of agriculture schemes operating at scale are:
- Kazakhstan drought index insurance: PlanetScope® data underpins a drought insurance program with around $6 million in insurance premiums, offering critical support to farmers facing extreme conditions.
- Pastoralist protection: In sub-Saharan Africa, a World Bank and Swiss Re-backed initiative now serves 3 million pastoralists and their families, using satellite data to insure livestock against drought.
- New parametric insurance innovations. The webinar spotlights groundbreaking applications of parametric insurance, where payouts are triggered by measurable data like temperature anomalies or soil moisture deficits.
- Frost index in Latin America: Combining Planet high-resolution data with public datasets, a new frost insurance product is being developed to deliver precision payouts in frost-prone regions.
- Bolivia’s worst drought in 30 years: Parametric insurance in Bolivia mitigated the financial devastation of the region’s driest season in decades, protecting farmers and supporting financial institutions affected by loan defaults.
- Streamlining loss adjustment. Speakers showcased how satellite tools from companies like GreenTriangle and PlanetWatchers are revolutionizing loss adjustment by reducing the need for on-the-ground visits by up to 50%. These solutions also enhance fraud detection and improve the accuracy of crop yield predictions.
- Collaborative scaling: The webinar emphasized the importance of partnerships between governments, insurers, reinsurers, and development organizations to scale solutions. Programs like the European Union’s subsidy monitoring and drought insurance initiatives in Africa highlight the role of collaboration in addressing global challenges.
Watch the Webinar Now
With over $300 billion in annual losses from natural disasters, and less than half of those losses insured globally, agriculture insurance is at a critical juncture. Satellite data can assist in partially bridging this gap, offering scalable, precise, and adaptable solutions for insurers and farmers alike.
- Get examples of agriculture programs operating at scale
- Discover what climate change phenomena have the highest impact in insurance
- Improve loss adjustment with innovative new tools
- Learn about new parametric solutions such as Land Surface Temperature data from Planet
Unlock the strategies shaping the future of agriculture insurance and gain actionable insights to empower your organization. Watch the webinar now and take the first step toward revolutionizing your approach to agriculture insurance.
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