Planet Labs PBC (NYSE:PL), a leading provider of daily data and insights about Earth, today announced a contract extension with ZEP-RE, an African reinsurance company headquartered in Nairobi, Kenya. The extension follows a successful first year of collaboration leveraging Planet's insurance solutions to enhance drought risk protection in the Horn of Africa (HOA) and paves the way for continued collaboration for a 5-year project ending in October 2027.

Today, ZEP-RE uses Planet solutions to expand its insurance program and is currently supporting over 2 million pastoralists affected by drought in the HOA. This is through a drought index that has been customized by location to determine payout amounts, premium rates, and enable direct claims payment to the pastoralists. By year five, the program aimed to reach 1.6 million pastoralists; it achieved this milestone in year two.