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
