Probus offers climate insurance coverage in India, a country highly exposed to various climate risks. The firm targets the needs of the poorest and most vulnerable, where insurance penetration is currently very low. Probus has comprehensive, tailor-made product offering with more than 80% of its reach in the financially weakest cities of the country and rural areas. Probus significantly contributes to the introduction of affordable insurance coverage in India, leveraging a fully digitized underwriting and claims platform. The firm has a strong local footprint and distribution network, covering over 400 cities. Probus is expected to reach out to more than 3.5 million climate insurance beneficiaries by 2026.

“Probus’ business model is well suited to expand the growth of climate insurance products in Tier 2&3 cities[1] and rural areas, while contributing to job creation within its network of digital partners. We are impressed with how Probus has evolved from a traditional insurance player to a leading insurtech firm.  It’s all the more impressive that they have boot-strapped this growth and we are excited to be the company’s first external investor.  We believe this is a great opportunity to partner with a firm that has shown real dedication to expand insurance coverage for low and middle income segments of the population, especially those located outside of Tier 1 cities”, comments Mahesh Joshi, Head of Private Equity Investments – Asia at BlueOrchard.

IIF will be appointing members to the Probus Board of Directors and closely work with the company on a clearly defined value creation plan aimed at enhancing the governance framework, strengthening the firm’s technology infrastructure and driving new products. IIF will add value to the firm through a structured technical assistance program, including feasibility studies for entering new lines of business, as well as initiatives aimed at increasing insurance and natural disaster awareness amongst end customers and partners.

“We are delighted to be partnering with IIF and building our relationship with the world’s leading impact investorWe look forward to working with BlueOrchard’s team to bring world class innovations to the Indian market. This partnership will help us in realising our dream of increased insurance awareness and penetration across the segments of the population that usually have limited access to insurance and the protection it affords,” says Rakesh Goyal, Managing Director of Probus.

The investment in Probus aligns with the vision and principles of IIF and the InsuResilience Global Partnership (“the Partnership”), which was launched at the 2017 UN Climate Conference COP23 by Germany. The vision of the Partnership is to strengthen the resilience of developing countries to the effects of climate change and to protect the livelihoods of poor and vulnerable people against extreme weather events and natural disasters. The Partnership’s objective is to enable more timely and reliable post-disaster response and offer insurance solutions to reduce impacts and help poor and vulnerable people recover more quickly.

[1] Classification based on the system used by the central government of India for payment of house rent allowance. There are 9 Tier 1 cities each with population of 5m+ and 97 Tier 2 cities each with population of 100k+. Rest of the cities are categorized as Tier 3.


– ends –


About InsuResilience Investment Fund

Luxembourg-based InsuResilience Investment Fund has been set up by KfW, the German Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The overall objective of the InsuResilience Investment Fund is to contribute to the adaptation to climate change by improving access to and the use of insurance in developing countries. The specific objective of the fund is to reduce the vulnerability of low-income households and micro, small and medium enterprises (MSME) to extreme weather events. The InsuResilience Investment Fund has been set up as a public-private-partnership and combines private debt and equity investments in two separately investible sub-funds as well as technical assistance and premium support. The fund aims at both financial return and social impact. For further information, please visit:

About Probus

Probus Insurance Broker Private Limited is an online retail insurance broker, licensed by the Insurance Regulatory and Development Authority (IRDA) to offer a full range of Life and General insurance products in India. Established in 2003, Probus is a renowned and well reputed player in the Indian market with presence across all the states and union territories in India and partnerships with most of the insurance companies in the country. For further information please visit:  

About BlueOrchard Finance Ltd

BlueOrchard is a leading global impact investment manager and member of the Schroders Group. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment, while aiming at providing attractive returns to investors. BlueOrchard was founded in 2001, by initiative of the UN, as the first commercial manager of microfinance debt investments worldwide. Today, the firm offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors with the aim to make impact investment solutions accessible to all and to advance the conscious use of capital. Being a professional investment manager and expert in innovative blended finance mandates, BlueOrchard has a sophisticated international investor base and is a trusted partner of leading global development finance institutions. To date, BlueOrchard has invested over USD 8bn across more than 90 countries. Over 223 million poor and vulnerable people in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of June 2021. For additional information, please visit:


For further information, please contact:
Tahmina Theis
+41 44 441 55 50



The information in this publication was produced by BlueOrchard Finance Ltd (“BOF”) to the best of its present knowledge and belief. However, all data and financial information provided is on an unaudited and “as is” basis. The opinions expressed in this publication are those of BOF and its employees and are subject to change at any time without notice. BOF provides no guarantee with regard to the accuracy and completeness of the content in this publication and BOF does not under any circumstance, accept liability for any losses or damages which may arise from making use of, or relying upon any information, content or opinion provided by BOF in this publication. This publication may contain references or links to other publications and websites and BOF has not reviewed such other publications and websites and is not responsible in any way in relation to the content of such publications and websites. The information in this publication is the sole property of BOF unless otherwise noted, and may not be reproduced in full or in part without the express prior written consent of BOF. All investments involve risk. We note specifically that past performance is not an indication of future results. Emerging markets impact investments involve a unique and substantial level of risk that is critical to understand before engaging in any prospective relationship with BOF and its various managed funds. Investments in emerging markets, particularly those involving foreign currencies, may present significant additional risk and in all cases the risks implicated in this disclaimer include the risk of loss of invested capital. The materials provided in this publication are for informational purposes only and nothing in this publication can be construed as constituting any offer to purchase any product, or a recommendation/solicitation or other inducement to buy or sell any financial instrument of any kind and shall not under any circumstances be construed as absolving any reader of this publication of his/her responsibility for making an independent evaluation of the risks and potential rewards of any financial transaction. We note in particular that none of the investment products referred to in this publication constitute securities registered under the Securities Act of 1933 (of the United States of America) and BOF and its managed/advised funds are materially limited in their capacity to sell any financial products of any kind in the United States. No investment product referenced in this publication may be publicly offered for sale in the United States and nothing in this publication shall be construed under any circumstances as a solicitation of a US Person (as defined in applicable law/regulation) to purchase any BOF investment product. The information provided in this publication is intended for review and receipt only by those persons who are qualified (in accordance with applicable legal/regulatory definitions) in their respective place of residence and/or business to view it, and the information is not intended under any circumstances to be provided to any person who is not legally eligible to receive it. Any recipient of information from this publication who wishes to engage with BOF in furtherance of any transaction or any relationship whatsoever must consult his/her own tax, legal and investment professionals to determine whether such relationship and/or transaction is suitable. By no means is the information provided in this document aimed at persons who are residents of any country where the product mentioned herein is not registered or approved for sale or marketing or in which dissemination of such information is not permitted. BOF disclaims all liability for any direct or indirect damages and/or costs that may arise from the use of (whether such use is proper or improper), or access to, this publication (or the inability to access this publication).

Copyright © 2021, BlueOrchard Finance Ltd. All rights reserved.