Reinsurance News

AXA Climate to offer parametric insurance for hail storms

5th June 2019 - Author: Matt Sheehan

AXA Climate, the specialist parametric risk transfer division of AXA, has announced the launch of a new parametric coverage that aims to protect businesses from hail losses.

hailstoneThe product, called Hail Protection, is reportedly the first of its kind and has already been rolled out as a pilot product in Colorado, where demand has been particularly high.

AXA Climate, which was recently rebranded from AXA Global Parametrics, plans to deliver the product in partnership with specialist auto dealer insurance provider JBR Underwriters.

Car dealerships have been hit especially hard by active U.S hail seasons in recent years, which have caused the price of hail deductibles and premiums to go up and resulted in inventory shortages, inability to discount cars, and claim payment delays.

Once an auto dealership has the Hail Protection coverage in place, payouts are calculated based on a parametric trigger that uses the maximum hail size measured during a storms.


This is possible due to a confidential proprietary technology that measure hail characteristics, AXA Climate explained.

“We studied in depth the relationship between hail and resulting damages to create a solution that works for our clients,” added Antoine Denoix, CEO of AXA Climate.

“Hail modeling has always been a difficult challenge for insurers,” he continued. “The precision data we use allows us to more accurately understand and control the risk from an insurance perspective.”

JBR Underwriters will work alongside independent insurance agents to distribute the parametric solution direct to customers.

“I’m excited that we are bringing the innovative creativity of AXA Climate to address the challenges of weather risks for our auto dealership and property clients,” said Brian Gries, President of JBR Underwriters.

“JBR is a company that places a premium on simple and elegant insurance solutions for our customer and agent needs. This partnership with AXA Climate provides that solution.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
WTW launches new venture capital, growth board initiatives

Global re/insurance brokerage Willis Towers Watson has announced the launch of two initiatives designed to spur organic and inorganic growth....