Pula Foundation, an InsurTech company based in Rwanda, has been awarded a €10m grant from the Bayer Foundation to increase access to climate risk insurance for smallholder farmers.
The funding, revealed at the World Economic Forum, will be utilised to offer insurance protection worth $127 million in seven countries: Bangladesh, Pakistan, Malawi, Ghana, Nigeria, Kenya, and Mali. according to InsurTech Insights.
Founded in 2014 by Rose Goslinga and Thomas Njeru, Pula has developed data-driven agricultural insurance solutions designed to address climate risks.
Their innovative approach helps smallholder farmers recover from yield losses caused by climate disasters like floods and droughts, enabling them to continue their agricultural activities with confidence.
This partnership with Bayer will significantly scale the reach of Pula’s insurance solutions, building on the success of a 2021 pilot program in Zimbabwe that successfully insured 31,000 farmers against climate-related risks.
By expanding to new regions, Pula aims to enhance the resilience of millions of farmers around the world.
“We believe this initiative will enable smallholder farmers to overcome climate shocks, empowering them to contribute to global food security,” Bayer EVP of public affairs, sustainability, and safety Matthias Berninger said.
Rodrigo Santos, president of Bayer’s Crop Science Division, added that the partnership aligns with the company’s goal of supporting sustainable growth and regenerative agriculture.
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