Pula Foundation Secures €10M to Expand Access to Climate Risk Insurance Solutions

Pula Foundation Secures €10M to Expand Access to Climate Risk Insurance Solutions

The Pula Foundation, a pioneering InsurTech company located in Rwanda, has recently secured a substantial €10 million grant from the Bayer Foundation aimed at improving access to climate risk insurance for smallholder farmers. This funding, disclosed during the World Economic Forum, is set to facilitate insurance coverage valued at $127 million across seven countries, including Bangladesh, Pakistan, Malawi, Ghana, Nigeria, Kenya, and Mali.

The Impact of the Grant on Climate Risk Insurance

Founded in 2014 by Rose Goslinga and Thomas Njeru, Pula has been at the forefront of developing data-driven agricultural insurance solutions that specifically address the challenges posed by climate change. Their innovative approach is designed to help smallholder farmers recover from yield losses due to climate-related disasters such as floods and droughts.

Expanding Insurance Solutions to New Regions

The partnership with Bayer is expected to significantly enhance the reach of Pula’s insurance offerings. This builds on the success of their pilot program in Zimbabwe, which, in 2021, successfully insured 31,000 farmers against climate-related risks. By expanding their services to new regions, Pula aims to:

  • Enhance the resilience of millions of farmers globally.
  • Empower smallholder farmers to manage climate shocks effectively.
  • Contribute to global food security initiatives.

Statements from Bayer Executives

Matthias Berninger, Bayer’s Executive Vice President of Public Affairs, Sustainability, and Safety, emphasized the initiative’s potential to empower smallholder farmers, stating, “We believe this initiative will enable smallholder farmers to overcome climate shocks, empowering them to contribute to global food security.”

Rodrigo Santos, President of Bayer’s Crop Science Division, remarked that this collaboration aligns with Bayer’s commitment to supporting sustainable growth and regenerative agriculture practices.

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For more information on the impact of climate risk insurance on agricultural sustainability, you can visit Bayer’s sustainability page or explore our insights on InsurTech innovations.

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