ZEP-RE and Planet Collaborate on Africa Drought Insurance Program

ZEP-RE and Planet Collaborate on Africa Drought Insurance Program

Planet Labs PBC (NYSE:PL), a leading provider of daily Earth data and information, today announced a new contract with ZEP-RE, a reinsurance company based in Nairobi, Kenya, to leverage Planet Basemaps products to improve drought risk protection in the Horn of Africa (HOA).

ZEP-RE aims to take advantage of PlanetScope 3-5 meter resolution imagery through Planet’s analysis-ready surface reflectance basemap products. Using pre-processed base maps, Planet will provide Normalized Difference Vegetation Index (NDVI) time series data to measure vegetation health for an area of ​​over 600,000 km2 in East Africa. East. The reinsurance company will also use data from Planet as an independent calculation agent to quantify conditions and provide metrics to measure drought. With this data, they will further develop their drought index program and expand their risk calculation capabilities.

Together with Planet, ZEP-RE aims to expand the insurance program to support more than 250,000 ranchers in the HOA. In the process, they seek to generate a Drought Index that can be customized to locations to determine payment amounts, generate premium rates and enable faster claims.

“We at Planet are excited to provide data to support the livelihoods of pastoralists in Africa with ZEP-RE. We believe our data is a powerful and unique source of information for agricultural index insurance, and can bring value to vulnerable communities in their daily lives,” said Kevin Weil, President of Product & Business at Planet.

Along the grasslands of sub-Saharan Africa, drought is a persistent threat to economies and livelihoods. ZEP-RE is the executing agency of a regional project, DRIVE, aimed at improving pastoralists’ access to financial services for drought risk mitigation, including them in value chains and facilitating the cattle trade. ZEP-RE will leverage Planet’s satellite data products to execute the risk protection product to support business continuity and expand its critical work in the region. DRIVE is a World Bank-funded project in partnership with the governments of the four HOA participating countries; Djibouti, Ethiopia, Kenya and Somalia.

“We are excited to begin using Planet’s satellite data for the HOA DRIVE Index-based livestock insurance product. Thanks to the reliability and quality of Planet’s data, we can standardize the feed with our existing data and make a smooth transition to continue our business model in the future,” said Ronald Kasapatu, Director of Agriculture and microinsurance at ZEP-RE.

For Planet, this first-of-its-kind application demonstrates the innovative use of their surface reflectance basemaps and professional services to deliver NDVI data that powers drought insurance products. Showcasing the company’s ever-evolving insurance offerings, this program highlights how the technology could be replicated with other customers in the field.

About Planet Labs PBC

Planet is a leading provider of daily satellite imagery and global geospatial solutions. Planet’s mission is to image the world on a daily basis and to make change visible, accessible and achievable. Founded in 2010 by three NASA scientists, Planet designs, builds and operates the largest fleet of Earth observation imaging satellites, capturing more than 30TB of data daily. Planet provides critical data, advanced information and software solutions to more than 800 customers, including the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and efficiently derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more, visit www.planet.com and follow us on Twitter.

Planet Labs PBC Forward-Looking Statements

Except for historical information contained in this press release, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including including, but not limited to, Planet Labs PBC’s ability to capture market opportunities and realize potential benefits from current or future product enhancements, new products, or strategic partnerships and customer collaborations. Forward-looking statements are based on the beliefs of Planet Labs PBC management, as well as assumptions made by and information currently available to them. Because these statements are based on expectations about future events and results and are not statements of fact, actual results may differ materially from those projected. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, risk factors and other information about Planet Labs PBC and its business included in periodic reports, proxy statements and other Planet Labs PBC disclosure documents filed from time to time. at any time with the Securities and Exchange Commission (SEC) which are available online at www.sec.gov and on the Planet Labs PBC website at www.planet.com. All forward-looking statements reflect the beliefs and assumptions of Planet Labs PBC only as of the date such statements are made. Planet Labs PBC undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

About ZEP-RE

ZEP-RE (PTA Reinsurance Company) is a specialized institution in COMESA with a mandate to promote the business of insurance and reinsurance through capacity building, training of insurance personnel in the region, provision of techniques and the reinvestment of bounty funds within the region. It has a diverse set of shareholders from governments, state-owned enterprises, DFIs and private companies in the COMESA region.

The Horn of Africa Risk Reduction, Inclusion and Enhancement (DRIVE) Project for Pastoral Economies is a $360.5 million project funded by the World Bank and partners to improve access pastoralists to financial services for drought mitigation (component 1), include them in value chains and facilitate livestock trade (component 2) in the Horn of Africa. The project will be implemented in four countries in the Horn of Africa, namely Djibouti, Ethiopia, Kenya and Somalia. ZEP-RE has been designated as the executing agency for Component 1 by the respective participating governments.

To learn more, visit ZEP-RE and DRIVE

contacts
Planet Press
Claire Bentley Dale
comms@planet.com

Planet Investor Relations
Chris Genualdi, Cleo Palmer-Poroner
ir@planet.com

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