Global re/insurer AXA has rebranded its specialist parametric risk transfer division from AXA Global Parametrics to AXA Climate, and has also announced a number of new additions to its team.
Initially launched in 2017, the rebranded AXA Climate unit looks to provide clients with parametric risk transfer solutions for climate and weather-related exposures.
Parametric insurance protection, a structure often leveraged in the catastrophe bond market, is a risk transfer mechanism that enables funds to be disbursed rapidly after an event as the payout trigger is linked to a predetermined parameter, such as earthquake magnitude or storm strength, and not the overall loss.
AXA Climate is part of AXA Group’s plans to accelerate its parametric insurance offering for companies of all shapes and sizes, as well as individuals.
Our sister publication, Artemis recently spoke with the Chief Executive Officer (CEO) of AXA Climate, Antoine Denoix, who explained the company’s thinking behind the rebrand: “Our mission, at AXA Climate (formerly AXA Global Parametrics), is to provide immediate protection to communities and businesses against climate risks, through parametric solutions. Parametrics allows us to solve many pain points of the traditional insurance market (speed, transparency, protection gaps).
“Parametric insurance is a great tool, but it is only a tool. We want to leverage its benefits to help our customers handle the climate challenge (extreme events, weather). That’s why we decided to switch our name from AXA Global Parametrics to AXA Climate.”
The AXA Climate business will be fully integrated within the AXA Group, so it can expect beneficial access to risk capital and expertise from across the global insurer and reinsurer.
Denoix also explained to Artemis that AXA Climate “will fully support the AXA global ecosystem”, suggesting that there’s real ambition to integrate the parametric solution within the firm’s more traditional insurance offerings.
At the same time, the AXA Climate team has been strengthened in recent months with numerous new appointments. This includes François Vannesson, previously of AXA Partners, being named the AXA Climate Legal and General Counsel.
Amaury Dufetel, most recently co-founder and CEO of an AXA-incubated InsurTech startup, has been appointed Head of Pricing and Insurance for AXA Climate.
Previously Head of Underwriting and Transformation Officer of AXA Spain, Gwendal Pougnet, has been appointed as AXA Climate’s Chief Underwriting Officer (CUO).
While Isa Ennadifi, previously of SCOR and AXA XL, has been appointed as a Senior Underwriter based in London for AXA Climate.
“Over the past few months, we have strengthened our team with key experts, in order to support AXA Climate’s strong ambition,” said Denoix.
Interestingly, the AXA Climate CEO also told Artemis that it plans to utilise advanced technology in the use of its parametric insurance and reinsurance offerings, noting that the firm has already heavily invested in aerial imagery and satellite data to enhance its service.
He also offered some insight into the comprehensive product range AXA Climate offers.
“Our offer covers the main climate risks, with a full range of simple and innovative products: Frost Protection, Drought Protection, Wildfire Protection (with satellite imagery), Hail Protection (via dedicated partnerships with providers of cutting-edge ground sensors), Cyclone Protection, and Water-level Protection,” said Denoix.