Climate analytics and technology driven risk modelling firm Reask, has appointed David Schmid as Head of Parametric Products to expand its global parametric insurance product offering.
Schmid is an expert in natural catastrophe risk modelling and parametric insurance. Additionally, he has a deep technical knowledge of modelling, structuring, and underwriting parametric insurance products, with strong connections across global parametric markets.
Reask highlighted that Schmid’s appointment will position the business at the forefront of global parametric insurance as it is already on track to be the leading provider of next-generation Nat Cat modelling, worldwide.
The firm prouds in providing, what it describes are the best-in-class models that help insurers to build greater financial resilience to extreme weather events and answer complex questions around the impact of climate change on natural catastrophe risk.
Parametric insurance, Reask added, is a key vertical within this offering and, with demand increasing for modelling solutions that enable the development of more competitive parametric insurance products.
Jamie Rodney, CEO of Reask, commented: “Reask’s Artificial Intelligence modelling technology is enabling robust risk transfer of natural catastrophe exposure globally.
“David’s hire represents a core component of our strategic positioning as we continue to develop innovative modelling solutions to support the needs of our parametric insurance customers and prospects. His expertise will continue to drive our state-of-the-art technology forward to support the journey towards climate resilience.”
David joins Reask after working for over seven years at Munich Re Capital Partners serving as Senior Structurer. During his tenure at Munich Re he was responsible for the development of parametric natural catastrophe solutions.
Prior to this, he spent four years as a Pricing Actuary and Nat Cat Modeller for Munich Re’s subsidiary, NewRe. In this role, he developed data analytics tools for underwriting units within the Munich Re Group. Previously, David has worked as a Cat Risk and Geospatial Analyst for Glacier Re.
David Schmid commented: “Reask has a deep understanding of hazards based on atmospheric conditions to account for the non-stationarity of climate. By incorporating this into its novel natural disaster models, Reask combines sound risk assessment and automatic pay out calculation into one, innovative product. I look forward to helping the team meet growing demand for parametric insurance solutions that deliver far more than just as a complement to traditional indemnity coverage.”
