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.
Kettle offering parametric hurricane reinsurance in the US using Reask’s model & data
26th June 2023
Climate analytics and technology driven risk modelling firm Reask, has entered into a partnership with InsurTech MGA Kettle, which will allow Kettle to offer location-level, wind speed-based parametric hurricane reinsurance in the US. According to the announcement, this new partnership will allow Kettle to expand its climate-related offering to include parametric ... Read the full article
Vortex provides parametric rain cover to PGA golf event
22nd June 2023
It has been confirmed that for the second consecutive year, Vortex Weather Insurance will provide a rain insurance policy for the DICK'S Sporting Goods Open - a PGA TOUR Champions Event that takes place June 23–June 25 in Endicott, New York. John Karedes, Executive Director of DICK'S Sporting Goods ... Read the full article
GC&C strengthens parametrics insurance structure
21st June 2023
Generali Global Corporate & Commercial (GC&C) has announced it is strengthening its Parametrics structure to expand its operational platform and enhance its market presence. Within GC&C’s Insurance Function, the structure known as Property, Engineering & Construction, led by Sander Van Voorden, will now be renamed as Property, Engineering, Construction & Parametrics, ... Read the full article
Arbol launches blockchain-powered parametric reinsurance platform
20th June 2023
Arbol, a global climate risk coverage platform, in collaboration with The Institutes RiskStream Collaborative, a blockchain and emerging technologies consortium, have unveiled dRe, a blockchain-powered parametric reinsurance platform. According to the announcement, the platform is the first on-chain data calculation tool for reinsurance, its creation marks a significant milestone for parametric ... Read the full article
ARC launches parametric flood product in Africa
19th June 2023
The African Risk Capacity (ARC) Group has launched a parametric insurance product aimed to help African countries cope with the devastating effects of flooding. This mechanism will provide countries with predictable and rapid financing for early response to cope with emergency disaster events caused by floods. ARC partnered with JBA Risk Management ... Read the full article
Blink Parametric launches with Newpoint’s GetCover
19th June 2023
Blink Parametric partners with Newpoint’s Getcover.com, to launch a suite of bespoke online travel insurance products that utilise a real-time parametric flight delay solution for their eligible travel insurance policyholders. The data-driven flight disruption solution requires an eligible traveller to simply register their flight details prior to travel. Blink Parametric then monitors ... Read the full article
Skyline partners with Spire Global to bring satellite observation to parametric insurance
12th June 2023
Skyline Partners, a parametric specialist, has partnered up with Spire Global, a global provider of space-based data, analytics and space services, to bring the capabilities of satellite observation to parametric insurance. Both firms will work together to develop new risk transfer tools which will ultimately help close the coverage gap for ... Read the full article
Parametric solutions can shrink flood insurance protection gap: Floodbase
8th June 2023
With floods on the rise due to climate change, re/insurance solutions covering this type of peril have become more important now than ever, Peter Lacovara, Head of Commercial at Floodbase, highlighted in a recent interview with Reinsurance News. With flood having one of the largest protection gaps compared to other perils, ... Read the full article
Aon names Cole Mayer Head of Parametric
6th June 2023
Professional services firm Aon has announced the appointment of Cole Mayer as Head of Parametric to accelerate the adoption of index-based solutions. He joins Aon from Swiss Re, where he has held a number of senior underwriting roles throughout his time at the company. Most recently, he served as Senior Vice President ... Read the full article
Beazley & Arbol launch parametric weather products for the US market
25th May 2023
Arbol, a global climate risk solutions platform, and leading insurer, Beazley, have announced the launch of specialist parametric weather products to the US market. With the launch this now means that cutting-edge products are available for a range of perils, including low and excess precipitation, low and excess wind speed, high ... Read the full article
NFU Mutual launches innovative parametric heat-stress insurance for dairy farmers
23rd May 2023
NFU Mutual, the leading rural insurer in the UK, has partnered with parametric insurance specialist Skyline Partners, insurer Markel, and broker Gallagher to introduce a groundbreaking insurance product designed specifically for dairy farmers. This parametric heat-stress insurance, the first of its kind in the UK, aims to mitigate the risks and ... Read the full article
Increase in nat cat driving the demand for parametric insurance: Swiss Re CorSo’s Cole Mayer
23rd May 2023
With the industry witnessing an increase in frequency and severity of nat cat events throughout the last several years, and some of them even going on to become some of the costliest events ever recorded, Swiss Re Corporate Solutions’ Senior Structurer North America, Cole Mayer, suggests that this is one ... Read the full article
Demand for parametric re/insurance is on the rise: Floodbase’s Lacovara
18th May 2023
Demand for parametric insurance is on the rise as more people have started to recognise that these solutions can provide protection for things and events that could not be covered by indemnity insurance, said Peter Lacovara, Head of Commercial at Floodbase, in a recent interview with Reinsurance News. In the last ... Read the full article
ICEYE & Global Parametrics enter data accord to drive disaster risk management
11th May 2023
ICEYE has entered into an agreement with Global Parametrics to provide flood data to support the development of innovative parametric risk transfer solutions. ICEYE states that as part of the agreement, its global Flood Insights data will be used by Global Parametrics to design, structure and execute parametric risk transfer structures. In ... Read the full article
Swiss Re to reinsure parametric flood product in Kenya
9th May 2023
Global reinsurer Swiss Re is to provide reinsurance for a new index-based flood insurance solution in Kenya, which is set to be launched by Britam in partnership with Oxfam, and which aims to protect small-scale farmers from the impact of catastrophic floods. The solution, developed by Nairobi-based insurer Britam, uses data ... Read the full article
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