Global specialty re/insurer Chaucer has entered into the weather insurance market with a new parametric weather product to cover non-damage business interruption.
The new product aims to provide coverage for weather-related losses for weather events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation.
Chaucer has partnered with a highly experienced team based in the US and will provide all underwriting capacity to this new venture.
The new specialist Weather Insurance team will be led by Dr Ed Byrns, who previously held leadership roles at Citadel and Louis Dreyfus.
He has also served as Chief Technology & Innovation Officer at Munich Re Weather Group and CEO and co-founder of Demex Group, the technology enabled insurtech.
Byrns will be supported by a team of experts within the weather risk management space.
“I’m excited to be working with Chaucer at this pivotal time for the weather insurance market and creating new products with clients at the heart of it,” Byrns commented.
Adding: “The growth in weather related insurance has been accelerated by climate change and as risks posed by unexpected weather patterns become more frequent, the need for insurance products is becoming more pronounced.”
Duncan Gemmel, Chief Strategy Officer at Chaucer, said: “We are delighted to have Ed Byrns working with us to lead our entry into the growing weather insurance market.
“He brings a wealth of knowledge and expertise and will help deliver the solutions that our clients need.”
This is the latest in a series of innovations from Chaucer across a number of business segments, on both a parametric and traditional basis.
