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.
Descartes launches “next generation” parametric tornado coverage for solar farms
22nd January 2025
Global corporate insurer Descartes Underwriting has launched a new parametric insurance product to protect utility-scale solar farms against tornado damage. The product’s coverage leverages satellite data and cutting-edge analytics to protect investments in the renewable energy transition. Specifically, it focuses on safeguarding photovoltaic solar farms in the United States with a generation ... Read the full article
Previsico & Descartes partner to provide UK corporate parametric flood insurance
17th January 2025
Flood forecasting specialist Previsico has partnered with Descartes to offer businesses in the UK and Ireland accurate flood warnings and quick claims payments through new parametric coverage. According to Steven Hayward, IoT Systems Manager at Previsico, a third of commercial properties in the UK are at risk from flooding. "Our partnership with ... Read the full article
WDF launches insured high-integrity carbon credits backed by AXA’s parametric insurance program
17th January 2025
AXA has provided custom parametric insurance solutions to support the insurance of the nonprofit Well Done Foundation’s (WDF) high-integrity carbon credits created by methane sequestration. This offering, described as the first in the industry, guarantees the authenticity and reliability of carbon credits with its "Insured Carbon" program. It aims to provide buyers ... Read the full article
Alejandro Solorzano joins Augment Risk to expand LatAm parametric offering
7th January 2025
Risk capital and broking solutions firm, Augment Risk, has hired Alejandro Solorzano from XS Global, who joins the organisation to help it expand its parametric risk transfer offering across the Latin America region. Solorzano has joined the company as Associate Partner, LATAM Parametric, where he will be based in Miami. From what ... Read the full article
PCRIC renews policy with redesigned parametric insurance products for Pacific region
18th December 2024
The Pacific Catastrophe Risk Insurance Company (PCRIC) has renewed its policy portfolio for 2024, introducing redesigned parametric insurance products developed in collaboration with global experts. These updates include innovative enhancements to PCRIC’s earthquake, tsunami, and tropical cyclone products, as well as expanded protection for excess rainfall across the Pacific region. The redesigned ... Read the full article
Lockton launches new Global Parametric Insurance Practice
16th December 2024
Independent insurance broker Lockton has unveiled its new Global Parametric Insurance Practice, created to help businesses adopt cost-effective alternative risk solutions, and address the widening gap between insured and uninsured losses. The initiative brings together a team of experts, including data scientists and modelers, that are dedicated to creating efficient, customised ... Read the full article
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
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