Planet Labs PBC has extended its partnership with AXA Climate to offer continued satellite data-driven insights for the development of parametric insurance products.
According to Planet, it owns and operates the largest fleet of Earth observation satellites in history, with approximately 200 satellites currently in orbit.
The firm states that it collects an image of every land-based location on Earth on a near-daily basis, generating an “unprecedented” dataset.
“These insights are combined with additional public satellite data offerings to deliver continuous, scientifically rigorous data that measures and quantifies the changing conditions of the surface of the Earth, including soil moisture,” Planet explains.
The firm continues, “Using Planet’s Planetary Variables Soil Water Content data feed, AXA Climate receives a measurement of the volume of water contained in soil at a high resolution in their areas of interest to a depth of about 5 centimetres.
“This critical information helps the insurance company determine risk for drought-related losses, such as crop yields.
“AXA Climate calculates a soil moisture index from this data, which serves as a reliable indicator of the amount of water available for crops. This index is closely associated with yield variability, making it an essential factor to consider in agriculture.”
Will Marshall, CEO of Planet, added, “These Planetary Variables provide accurate, daily, global measurements.
“AXA Climate is using our Soil Water Content variable to monitor, and then provide automatic payments if the soil moisture gets below a certain percent for more than a number of days. This offers a powerful service that can support global farmers in critical situations.
“Abstracting out critical measurables from satellite data enables our customers to reach larger value, enable new applications and thus more customers to get value from Planet’s data.”
Antoine Denoix, CEO of AXA Climate, said, “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.”