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.
Floodbase partners with Oneglobal to develop parametric flood insurance across Asia
6th December 2023
Insuterch Floodbase and Oneglobal, a commercial re/insurance broker, have announced plans to develop and distribute parametric flood insurance solutions across Asia. The two companies are partnering to close the flood insurance gap with what they describe as cutting-edge parametric flood insurance solutions. Connected through Lloyd’s Lab, the pair recognized the opportunity to ... Read the full article
CelsiusPro and Tower partner to improve parametric cover in the Pacific
22nd November 2023
Parametric insurtech CelsiusPro Group has partnered with Tower to upgrade the New Zealand-based insurer’s IT platform for its Cyclone Response Cover, a parametric insurance product designed to provide cover in the Pacific CelsiusPro’s award-winning White Label Platform (WLP) solution will be used to develop a bespoke distribution platform for Cyclone Response ... Read the full article
RYSKEX unveils RYSKEX Consulting for parametric risk transfer solutions
20th November 2023
RYSKEX Inc. has launched a new business unit called RYSKEX Consulting, which focuses on parametric risk transfer solutions. According to the announcement, the new unit's risk transfer solutions are designed for efficacy and adaptability. They are also not just confined to the company's platform, which helps to ensure broader applicability and impact. The ... Read the full article
Arbol expands into UK with launch of new London-based MGA
16th November 2023
Arbol has expanded into the United Kingdom with the launch of a new London-based Managing General Agent (MGA), "poised to service the international insurance market outside the U.S." According to Arbol, the new London-based MGA will leverage its UK partnerships with capacity providers and brokers to fortify its global network. Through this ... Read the full article
Fiji, India and UN launch “ambitious” project to scale parametric insurance in the island
2nd November 2023
Fiji, India and the United Nations have announced the launch of the 'Scaling Climate and Disaster Risk Financing Framework and Parametric Insurance in Fiji' project. This initiative was created in collaboration between the United Nations Capital Development Fund (UNCDF), the India-UN Partnership Fund, the United Nations Office for South-South Cooperation (UNOSSC) ... Read the full article
Floodbase partners with Ag Guard to develop parametric flood insurance programs for ANZ
31st October 2023
Insurtech Floodbase has entered into a partnership with Ag Guard to develop and distribute parametric flood insurance programs across both Australia and New Zealand. Both companies are teaming up together to help close the ANZ flood insurance gap through jointly-developed parametric flood insurance programs that are designed to cover ag risk. The ... Read the full article
Evolving risk landscape increasing demand for reinsurance in Europe: Swiss Re’s Steinmann
25th October 2023
Speaking with Reinsurance News amid the Baden-Baden 2023 conference, Swiss Re's Thorsten Steinmann suggested the main focus of discussions with clients ahead of the Jan renewals will be around the evolving risk landscape, which he said has driven more demand for reinsurance in Europe, alongside the cost of capital. When asked ... Read the full article
CCRIF makes first payouts for 2023 hurricane season totalling $3.4m
23rd October 2023
CCRIF SPC has disclosed that it made two payouts totalling $3.4 million to the governments of Antigua and Barbuda and the British Virgin Islands following Tropical Storm Philippe, which triggered the parametric insurance policies of these countries for Excess Rainfall. Philippe made landfall on Antigua and Barbuda on October 2nd and ... Read the full article
Howden launches Climate Parametrics practice
17th October 2023
Howden has announced the creation of Howden Climate Parametrics, a global practice that "brings together (re)insurance, climate, and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for climate de-risking capabilities across industries, financial markets, and the public sector." Co-chairs Philipp Kusche, Global Head of Insurance-Linked Securities ... Read the full article
Augment Risk launches Global Parametric Specialty division
16th October 2023
Reinsurance broker Augment Risk has announced the launch of its Global Parametric Specialty division, led by newly appointed Kurt Cripps. The new unit will be focused on "client-tailored parametric reinsurance products designed to provide a surgical approach to managing CAT exposures." Augment Risk said its parametric placements are designed to enhance the ... Read the full article
Fiji welcomes first ever parametric insurance product
10th October 2023
Fiji has joined the Pacific Catastrophe Risk Insurance Company (PCRIC), a parametric disaster insurance pool for the Pacific, and signed a commitment letter for the country’s first ever parametric insurance product. The signing of the agreement took place in Morocco, with Deputy Prime Minister and Minister for Finance Professor Biman Prasad, ... Read the full article
Blue Marble partners with Nestlé to provide weather insurance to coffee farmers in Indonesia
3rd October 2023
Climate insurer Blue Marble and Nestlé have launched a pilot weather insurance programme in Indonesia designed to provide over 800 smallholder coffee farmers with financial protection against unpredictable weather rainfall and drought. The weather insurance leverages satellite-based climate data to determine when coffee output has been adversely impacted by too much ... Read the full article
Baoba Insurtech partners with Continental Assist for parametric solutions in LATAM
22nd September 2023
Baoba Insurtech, and Continental Assist, a North America-based travel assistance company, have announced a strategic partnership that aims to promote and expand parametric insurance solutions in the Latin American market. The insurtech is a comprehensive platform for parametric insurance infrastructure, which enables insurers to Create, Launch, and Operate parametric policies effortlessly ... Read the full article
CCRIF provides Caribbean water utilities with access to parametric insurance
21st September 2023
CCRIF SPC has established the Caribbean Water Utility Insurance Collective (CWUIC) as a segregated portfolio, enabling water utilities in the Caribbean to access parametric insurance for financial protection against extreme weather events. CCRIF is a multi-country, multi-peril risk pool providing parametric insurance to 19 Caribbean governments, 4 Central American governments, and ... Read the full article
CCRIF members renew parametric insurance policies, GRENLEC joins
6th September 2023
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has announced that its members renewed their parametric insurance policies at June 1, while GRENLEC, Grenada’s electric utility company, also purchased coverage for the first time. According to CCRIF, June 1 2023 marked 16 years since Caribbean governments began purchasing CCRIF parametric insurance coverage ... Read the full article
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