AXA Corporate Solutions (ACS), the structure dedicated to large risks at AXA, has signed a partnership with the Global Index Insurance Facilities (GIIF), managed by the World Bank.
In index agricultural insurance, compensation paid to the insured depends on specific thresholds fixed in the contract, such as the precipitation level.
AXA intends, in this way, to take advantage of the latest digital advances (Big Data technology and satellites), automate the compensation chain and customize the calculation of premiums through satellite historic of agricultural parcels.
According to Jean-Laurent Granier, Chairman of AXA Global P & C, "AXA brings technical skills and reinsurance capacity."
The group will benefit in return of access to new countries in the African Caribbean Pacific (ACP) area, particularly in sub-Saharan Africa, thanks to the World Bank network.
"Tenders are underway with governments or local economic players," he added.