PARK
CITY, Utah and SAN
FRANCISCO, July 11, 2024 /PRNewswire/ -- Oka,
The Carbon Insurance Company™ (Oka), and Socotra, the leading
modern policy administration system, have unveiled a strategic
partnership aimed at carbon markets and scaling climate
solutions.
The collaboration harnesses Oka's agile team and advanced AI
capabilities, alongside Socotra's innovative technology, to de-risk
carbon credits. Through the partnership, Oka has launched two
first-of-their-kind insurance solutions, designed to meet urgent
and unmet market demand, in the span of 12 months.
- Corresponding Adjustment Protect™, the world's first
insurance solution for voluntary credits traded into compliance
markets under Article 6 of the Paris Agreement.
- Carbon Protect™, which provides financial compensation
in the event of unforeseeable and unavoidable post-issuance risks,
including project failure.
Oka's tech-savvy leadership was deeply impressed by Socotra's
modern technology, flexibility, and ability to support new
insurance products in the emerging carbon market. This partnership
aligns perfectly with Oka's mission to ensure every carbon credit
is insured.
"We're excited to support Oka's bold product vision by helping
the team bring much-needed insurance products to market,"
said Dan
Woods, Founder and CEO of
Socotra. "Risk mechanisms are conspicuously absent from
carbon markets, which has, historically, stymied their immense and
indispensable carbon capacity. Together, we look forward to driving
the market forward."
Oka Founder & CEO Chris
Slater added: "Climate change is a
global problem that requires coordinated global
solutions. We're excited to join forces with Socotra
to deliver the world's first carbon insurance solutions to the
global carbon markets. The power of the Socotra platform combined
with Oka's AI-driven technology, is transforming the carbon markets
and bridging the gap between voluntary and compliance markets,
resulting in higher-quality carbon offset projects that truly
impact climate change."
In the past year, Lloyd's approved Oka Syndicate 1922
which commenced underwriting on January 1,
2024. Oka also received the inaugural "Launch of the Year"
at the prestigious British Insurance Technology Awards,
highlighting innovative solutions that are transforming the market
and setting new standards for excellence, based on this successful
partnership.
About Socotra
Follow Socotra on LinkedIn.
Media Contact
Rachel Beck
Director of Marketing
media@socotra.com
About Oka, The Carbon Insurance Company™
Oka is a global INSURTECH100 and
ESGFINTECH100 company.
Follow Oka on LinkedIn.
Media Contact
Chris Slater
Oka Founder & CEO
chris.slater@carboninsurance.co
LEGAL DISCLAIMER
Carbon Protect™ and Corresponding Adjustment Protect™ are
insurance policies available to certain eligible owners of carbon
credits in jurisdictions where Carbon Insurance Agency, LLC is
licensed as a surplus lines insurance producer. Eligibility is
determined based on applicable underwriting criteria, and coverage
is always subject to the terms and conditions of an applicable
policy. Carbon Insurance Agency, LLC has authority to enter into
contracts of insurance on behalf of the Lloyd's underwriting
members of Oka syndicate 1922 which is affiliated with Carbon
Insurance Agency, LLC and managed by Asta Managing Agency, a
managing agent at Lloyd's.
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SOURCE Oka, The Carbon Insurance Company