Reinsurance News
Parametric insurance news
Parametric insurance and parametric reinsurance are growth areas for the industry. We cover news on many forms of parametric risk transfer to provides our readers with insights into developments in the re/insurance market related to parametric triggers.
Parametric insurance utilises catastrophe event, weather, or other data parameters to define payout structures and triggers for contracts. It is considered a fast, pre-defined payout system, with payouts coming due when a specific, objective event occurs and a pre-defined parameter is reached, rather than assessing actual physical loss like traditional indemnity insurance.
This archive features our news on the use of parametric triggers to structure insurance or reinsurance protection, as well as discussion on the benefits of parametric triggers as transparent, fast-paying trigger mechanisms for providing parametric insurance and reinsurance coverage.
AI-powered parametric insurance platform Mythen launches for nat cat risks
17th March 2025
Insurance technology veteran Sandra DeSilva has launched Mythen, an AI-powered parametric insurance platform and reinsurer specialising in natural catastrophe risks. Based in Bermuda and Texas, Mythen brings together a global team of re/insurance and technology experts, using advanced technologies to provide liquidity and coverage for risks that are traditionally difficult to ... Read the full article
NMIS expands hurricane parametric insurance to Puerto Rico for commercial risks
14th March 2025
Lloyd’s coverholder and a parametric re/insurance solutions provider, NormanMax Insurance Solutions (NMIS), has expanded its NMIS Parametric Insurance Platform and Broker Portal to include commercial risks in Puerto Rico. This expansion enables businesses on the island to access reliable and efficient hurricane protection, addressing the unique challenges posed by severe storms ... Read the full article
Global Parametrics appoints Jacob as London Market Business Development Director
10th March 2025
Global Parametrics, a CelsiusPro Group company, has announced the appointment of Ola Jacob as London Market Business Development Director. Jacob will leverage his over 13 years of experience to drive the expansion of CelsiusPro Group's parametric solutions through the London Market, aiding private- and public-sector clients in enhancing their climate resilience. The ... Read the full article
PCRIC makes payout on coral reef policy following tropical cyclone Rae
10th March 2025
The Pacific Catastrophe Risk Insurance Company (PCRIC) has made its first-ever payout to an NGO client, Fiji’s Vatuvara Foundation, under a parametric insurance policy following the impact of tropical cyclone Rae. The Vatuvara Foundation’s policy with PCRIC reportedly provides coverage for tropical cyclone risk affecting a highly valued coral reef in ... Read the full article
Gabriel Gross to lead expansion of XS Global’s parametric portfolio
4th March 2025
Managing general agent (MGA) XS Global has appointed Gabriel Gross as Director of ART & Parametrics, effective March 1st, 2025, based in Paris. In his new role, Gross will lead the expansion of the firm's parametric portfolio and secure additional capacity for a global diversified book of business. He is also tasked ... Read the full article
Blue Marble launches reinsurance facility to help expand parametric capacity
28th February 2025
Climate insurer Blue Marble has unveiled its new Impact Reinsurance Facility, aimed to help expand parametric climate protection for vulnerable communities worldwide. Backed by Zurich Insurance and a consortium of global reinsurers, this dedicated risk capacity solution aims to address the growing weather-related risks faced by underserved populations in Latin America, ... Read the full article
Broomer named President, Embedded Parametric Solutions at NormanMax
28th February 2025
Re/insurance veteran Samuel Broomer has become President, Embedded Parametric Solutions at NormanMax Insurance Holdings, an US-based parametric re/insurance group. Broomer brings to his new role over three decades of experience in the re/insurance industry, having most recently served as EVP, Chief Strategy & Innovation Officer at Berkley Re Solutions. The executive joined ... Read the full article
NormanMax to acquire FloodFlash
26th February 2025
FloodFlash, the parametric flood insurance provider with sensor technology, has agreed on terms to be acquired by NormanMax Insurance Holdings, a specialist parametric underwriter, subject to FCA approval. Following the transaction, FloodFlash will continue to operate as an MGA and Lloyd’s coverholder. The FloodFlash product will continue to be available to distributors ... Read the full article
Floodbase receives $5m investment to help accelerate flood insurance development
25th February 2025
Led by Ecosystem Integrity Fund (EIF), with participation from Pulse Fund, the investment enables the parametric platform to accelerate the development of flood insurance programs amid a large protection gap. Floods are the most common and devastating natural disasters, yet 83% of global economic flood losses over the past decade were ... Read the full article
Willis and Global Parametrics announce first payout of parametric policy for coffee farmers in Vietnam
17th February 2025
Willis, a WTW business, and Global Parametrics have delivered a new parametric solution to coffee farmers in Vietnam, backed by the Natural Disaster Fund (NDF) and in partnership with Bao Minh Insurance Corporation, providing timely relief to coffee growers affected by drought. The solution was placed in early 2024 and was ... Read the full article
Tearfund, Global Parametrics, and Humanity Insured launch drought insurance payout in Malawi
7th February 2025
Tearfund, a global Christian charity focused on ending poverty and injustice, has partnered with Global Parametrics, a provider of parametric risk transfer solutions, and Humanity Insured, a UK charity offering insurance to vulnerable communities, to announce the first-ever drought insurance payout for smallholder farmers in Malawi. The £80,000 payout is made ... Read the full article
Aon, Swiss Re, and Floodbase reveal parametric insurance solution to mitigate hurricane storm surge losses
5th February 2025
Aon plc, a professional services firm specialising in risk management, insurance, and reinsurance brokerage, has introduced a new parametric insurance solution aimed at reducing financial losses caused by hurricane-related storm surges along the US coastline. This initiative, developed in partnership with Floodbase, a specialist in parametric flood risk, and Swiss Re ... Read the full article
CatX launches AI-powered parametric platform
5th February 2025
CatX, the digital marketplace connecting re/insurers and brokers with alternative capital, has launched Catamaran Parametric, a new AI-powered platform designed to simplify parametric protection. The platform leverages artificial intelligence (AI) to guide users through a comprehensive risk management process, transforming a traditionally manual, time-consuming task into an intuitive, data-driven experience. Catamaran Parametric ... Read the full article
Twelve Capital, Generali, Descartes partner on Parametric ILS Fund
3rd February 2025
Twelve Capital and Lumyna Investments, part of Generali Investments, have launched the Lumyna – Twelve Capital Parametric ILS Fund, designed to provide diversification, enhanced returns, and de-correlated performance by investing in innovative parametric insurance transactions. Backed by a prominent European institutional investor, the fund will partner with fintech leader Descartes Underwriting ... Read the full article
Vortex offers relief through parametric coverage after hurricanes Helene and Milton
30th January 2025
Vortex Weather Insurance, a provider specialising in parametric insurance solutions, highlights that the damage caused by Hurricanes Helene and Milton, exceeding $100 billion, left many businesses with significant out-of-pocket expenses, as traditional insurance often comes with high deductibles and exclusions for certain types of damage. However, businesses covered by Vortex Weather ... Read the full article
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