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.
IBISA and VisionFund launch suite of parametric climate insurance products
12th December 2024
Global climate insurtech IBISA and VisionFund, the financial empowerment and livelihood arm of World Vision, have launched ClimaCash+, a suite of parametric climate insurance products aimed at helping communities vulnerable to climate risks respond quickly, even before a disaster strikes. ClimaCash+ was created in response to the increasing frequency of extreme ... Read the full article
CCRIF’s parametric insurance delivers record $85m in payouts after Hurricane Beryl
10th December 2024
The CCRIF issued a total of US$85 million in record time to governments and non-sovereign policyholders in the Caribbean impacted by Hurricane Beryl, marking the largest payout in the organisation's history, and underscoring its growing role in disaster risk financing across the region, Conor Meenan from the Centre for Disaster ... Read the full article
AXA and HK Express launch new flight delay parametric protection product
10th December 2024
AXA Hong Kong and Macau (AXA) and HK Express, supported by AXA Partners, have launched new flight delay parametric protection for HK Express customers who purchase U-First. This makes HK Express the first airline in Asia to offer parametric delay benefits. Following their exclusive partnership earlier this year, AXA and ... Read the full article
Sola raises $3.7m in seed round to provide affordable natural disaster insurance
6th December 2024
Insurtech company Sola has closed its seed round, bringing total funding to $3.7 million, furthering its mission of providing affordable, reliable natural disaster insurance to homeowners and businesses. Sola aims to tackle the challenges of a volatile home insurance market, where rising premiums and denied coverage have left many homeowners frustrated. Wesley ... Read the full article
CelsiusPro unveils new platform to ‘revolutionise’ parametric insurance for brokers
29th November 2024
CelsiusPro has unveiled ParameterPro 2.0, a platform that enables brokers to visualise, structure, and model parametric climate and NatCat insurance solutions with "unmatched" speed and precision. According to the firm, this new platform’s initial release focuses on parametric hurricane and earthquake events while providing global access to comprehensive climate and NatCat ... Read the full article
CCRIF SPC pays Government of Panama $26.7m after excess rainfall
21st November 2024
CCRIF SPC (Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company) has paid The Government of Panama $26.7 million within two weeks of a rainfall event that affected that country from October 31st to November 4th, 2024. Francisco Álvarez, Director at the Directorate of Investments, Concessions and State Risks (DICRE), explained that ... Read the full article
Public-private partnership delivers parametric solution for urban flooding in Ghana
13th November 2024
The Insurance Development Forum (IDF), alongside its partners, has successfully delivered two parametric insurance products to help strengthen the financial resilience of flood-prone communities in Ghana. In response to the increasing flood risk and limited financial protection a new project was launched in 2022 to enhance the financial resilience of flood-prone ... Read the full article
Parametrix launches new cyber insurance solution for digital interruption
7th November 2024
Parametrix has launched "Parametrix Enterprise Solutions", a new type of parametric cyber insurance that covers the costs associated with digital interruptions. Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, explained that its new enterprise coverage, underwritten by syndicates at Lloyd’s of London, features "clear and flexible" parametric ... Read the full article
NDF supports ARC as lead capacity provider for parametric drought insurance for UN food program
1st November 2024
The Natural Disaster Fund (NDF), managed by Global Parametrics, is playing a crucial role in supporting food security in drought-prone African countries by supporting African Risk Capacity Ltd. (ARC) with risk capacity for the UN World Food Program (WFP). In the Central Sahel region of Burkina Faso, Mali, and Niger, annual ... Read the full article
Lloyd’s launches new parametric disaster resilience vehicle in partnership with UNCDF and Aon
24th October 2024
Lloyd's of London, the specialist insurance and reinsurance marketplace, in collaboration with the United Nations Capital Development Fund (UNCDF), has launched a new disaster resilience vehicle that will provide crucial disaster risk financing to Small Island Developing States (SIDS) in the Pacific region. Utilising the global reinsurance market as a source ... Read the full article
AXA Climate renews parametric insurance to safeguard marine protected areas
21st October 2024
AXA Climate has announced the renewal of parametric insurance coverage for 88 Marine Protected Areas (MPAs) in the Philippines. In partnership with Blue Alliance Marine Protected Areas and Howden, this initiative bolsters the financial stability of communities and ecosystems alike. It protects over 90,000 hectares of coral reefs and ensures the livelihoods ... Read the full article
AIR Parametric launches new dairy product with Guy Carpenter & LM Re
18th October 2024
In collaboration with Guy Carpenter and Liberty Mutual Reinsurance, AIR Parametric has launched Milkshake, a new parametric insurance product designed to safeguard US dairy producers from heat stress on their livestock herds. According to Air Parametric, Milkshake’s proprietary design was built in consultation with dairy industry leaders and the specialised agents ... Read the full article
AXA Climate renews parametric partnership with AXA México for mangroves protection
16th October 2024
AXA Climate, an arm of the global insurance group AXA, has renewed its partnership with AXA México and ClimateSeed this year to continue supporting a vital mangrove protection project. This collaboration aims to provide a parametric insurance product designed to safeguard both the community of fishermen and the vital ecosystems in ... Read the full article
BOAD to use parametric insurance to cover sovereign loan portfolios
15th October 2024
The West African Development Bank (BOAD) has launched the "Shock Resilient Loans" program under its sovereign loan portfolio, covered by parametric insurance against natural and health disasters, supported by Munich Re. The project’s pilot phase covers Benin, Côte d’Ivoire, Senegal and Togo, a loan portfolio in these countries totalling over USD350 ... Read the full article
Parametric insurance crucial for closing $1.8 trillion protection gap: Generali & UNDP
7th October 2024
Parametric insurance is key for closing the US$1.8trillion protection gap for communities and countries on the frontlines of interrelated crises, including climate change, according to Generali and the United Nations Development Programme (UNDP). Generali has produced a report with the UNDP, highlighting how parametric insurance can support governments, businesses and communities ... Read the full article
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.
