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Igloo and DANA launch parametric rain insurance with IDR 50,000 payout

The coverage triggers when local rainfall hits at least 2.5mm on the purchase day, using satellite precipitation data and GPS to validate claims automatically.

Reported · Written up by our desk · Industry & Deals

Igloo, a Southeast Asia insurtech, has partnered with Indonesian e-wallet platform DANA to launch DANA Rain Protection, a parametric weather insurance product for everyday consumers.

The insurance is embedded into DANA’s QRIS payment flow and will automatically pay out IDR 50,000 when rainfall at the user’s location reaches 2.5mm or more during the day of purchase.

Claims are validated using satellite precipitation data and the customer’s GPS coordinates, with no paperwork or human adjudication required, according to Reinsurance News.

Igloo and DANA said insurance penetration in Indonesia is 2.7%, and they noted that weather disruptions have often been left uninsured for Indonesia’s 280 million people.

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