Igloo’s Weather Index Insurance helps protect coffee farmers and their crops against extreme weather conditions
Igloo plans extend this protection to more markets, more communities, and more indices
Regional insurtech Igloo expands its blockchain-based parametric index insurance to coffee farmers in Southeast Asia, showing commitment to covering more underinsured communities and industries after successful product implementation with rice farmers.
Southeast Asia - a part of what is called the coffee belt - is one of the biggest coffee producers in the world. While Vietnam and Indonesia are responsible for the majority of global coffee output, the Philippines is also an important global producer with industry revenue expected to reach US$6.7 billion in 2023, according to statistics portal Statista. The local market is also expected to grow annually by 5.69% until 2025.
