Igloo expands climate insurance across Southeast Asia

It also plans to expand in Indonesia.

Regional insurtech Igloo is expanding its climate protection products across Southeast Asia – with plans to expand in Indonesia – to address rising risks from floods, fires, and extreme weather.

“We aim to bring the same solutions to other markets in the region, such as Indonesia, as part of our commitment to building climate resilience throughmaccessible, technology-driven insurance,” said Raunak Mehta, Co-Founder and CEO nof Igloo.

Natural disasters cost ASEAN countries about $86.5b a year, yet insurance penetration remains below 10%. 

“We see markets in the region experiencing the same climate challenges, yet very few seek,insurance to protect their livelihoods and property,” Mehta said. “Igloo comes in to fill that gap by delivering affordable, accessible, and timely protection that people can rely on when they need it most.”

In the Philippines, Igloo has partnered with fintech lender Skyro to offer personal accident insurance bundled with flood and fire protection to 700,000 loan customers. 

The plan, available through the Skyro app, covers property loss, accidental death or disablement, hospital income, and burial assistance.

In Vietnam, Igloo’s Weather Index Insurance with MIC Insurance provided quick payouts to 39 farming households after heavy rains in May flooded more than 120 hectares of rice fields. 

The scheme uses NASA satellite rainfall data to trigger compensation automatically, speeding up recovery.