Paris-based insurance startup Descartes Underwriting has raised an $18.5 million funding round led by Cathay Innovation. Founded in 2018, the company will use the fresh funding to expand into the US and Asia.
Descartes, founded in 2018, specializes in climate change-related insurance protections, specifically parametric insurance, which covers the probability of a predefined event happening instead of indemnifying actual loss incurred. It's traditionally found in sectors like agriculture and energy where extreme-weather events are increasingly frequent but is moving beyond these, according to Descartes cofounder and CEO Tanguy Touffut.
"We've been looking at how climate change is impacting business and didn't see the tech or experience to become a relevant player in the insurance space until we came across Descartes," Jacky Abitbol, partner at Cathay Innovation said. "Big corporates have been insuring against climate change already but Descartes provides more transparency and the terms are clear, meaning payments can be triggered instantly.
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Yet another corrupt Ponzi scam!
This is ridiculous. Insurance is the one of the real cancers in this world. And seriously an insurance policy on Climate Change?
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