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.
Arbol and The Institutes RiskStream Collaborative announce partnership
2nd May 2023
Global climate risk coverage platform Arbol, and The Institutes RiskStream Collaborative, the insurance industry's largest blockchain consortium, have announced a strategic partnership to transform parametric insurance. According to the announcement, the collaboration aims to leverage blockchain technology to streamline data flow, increase transparency, and enable rapid payouts in parametric insurance and ... Read the full article
Inver Re appoints Gareth Davies as Chairman of Parametrics
2nd May 2023
The Ardonagh Group's global reinsurance broking arm, Inver Re, has hired Gareth Davies from Price Forbes as Chairman of Parametrics, effective May 2023. Davies joins the reinsurance broker after more than three years with Price Forbes & Partners, where he most recently served as an Executive Director with a focus on ... Read the full article
Insureds urged to act fast as parametric capacity nears exhaustion: Miller’s Minhas
27th April 2023
Rowan Minhas, an Account Handler within Miller's Onshore Energy team focusing on Parametric insurance solutions, said the market conditions for parametrics are similar to the last London market update, and insureds need to act fast to secure capacity before it's exhausted. Minhas observed a significant increase in the deployment of parametric ... Read the full article
WRMS bridges $160bn global protection gap by launching SecuRisk
19th April 2023
Agriculture and climate risk management firm Weather Risk Management Services (WRMS), has unveiled SecuRisk, a digital-first global parametric insurance marketplace, to bridge the $160 billion global protection gap. In a press release, the firm stated that SecuRisk supports product design, product validation, digital beneficiary onboarding, product education, policy purchase, claim management ... Read the full article
Insurtech Blink Parametric launches flight disruption solution in US
11th April 2023
Blink Parametric has expanded its partnership with MGA AwayCare to provide a real-time flight disruption solution to US travellers worldwide. AwayCare led the initiative to provide its Flight Delay service to US-based Travel Insured International (TII). TII will make the AwayCare Flight Delay service, managed by Blink Parametric, available within select plans ... Read the full article
Mozambique secures $35m cyclone parametric reinsurance placement
22nd March 2023
The Mozambique government has secured USD 35 million of parametric cyclone insurance via the National Institute of Disaster Management (INGD), supported by Africa Specialty Risks, The World Bank, and PULA. The inaugural, Mozambique cyclone parametric reinsurance program is designed to provide the country's economy with resilience against the effects of cyclones ... Read the full article
ARC & Djibouti government ink agreement to shield climate-vulnerable communities
16th March 2023
The African Risk Capacity Group and the Government of Djibouti have signed the first-ever multi-year, multi-peril agreement on the African continent to protect the most climate-vulnerable communities. The agreement means that Djibouti now has access to five years of disaster risk management capacity building and disaster risk insurance coverage offered by ... Read the full article
Vortex to launch supplemental parametric hurricane insurance
9th March 2023
Parametric weather insurtech Vortex Insurance has announced the launch of a new insurance program that allows for the purchase of supplemental hurricane insurance for parts of the US. Set to launch in Spring 2023, Vortex's supplemental hurricane insurance will work to cover gaps left in place by traditional insurance policies. The one-year ... Read the full article
Aviva Canada announces new parametric insurance coverage
8th March 2023
Property and casualty insurer Aviva Canada, with support of insuretech CelsiusPro, is now offering parametric excess rain coverage to help its clients better cope with climate change. The new offering will use CelsiusPro’s White Label Platform (WLP) solution, which according to the insurtech, has demonstrated that it is uniquely capable of ... Read the full article
Parametric insurance to become more widely adopted: New Dawn Risk
8th March 2023
Analysts at specialist insurance intermediary New Dawn Risk have concluded in a new report that parametric insurance solutions will become more widely adopted for agriculture and natural catastrophe risks going forward. In the report, analysts note that changes in the modern insurance environment have made many risks unpredictable, rendering them difficult ... Read the full article
Swiss Re & ICEYE provide parametric flood cover for NYC neighborhoods
7th March 2023
Guy Carpenter, Swiss Re Corporate Solutions, and ICEYE are set to provide technical assistance to the Centre for NYC Neighborhoods (CNYCN) on a new parametric product to protect high-flood-risk NYC neighborhoods. CNYCN has launched the new pilot project in partnership with the Mayor’s Office of Climate & Environmental Justice (MOCEJ), the ... Read the full article
Drought-affected West Africa to benefit from ARC insurance payout via WFP
17th February 2023
The United Nation’s World Food Programme (WFP) has received $15.4m worth of insurance payouts from African Risk Capacity (ARC) Limited to help 490,000 people in West Africa impacted by drought in 2022. The ARC was established in 2021, it is a provider of parametric disaster insurance products to countries and risk ... Read the full article
Heat microinsurance launched in India to protect women workers
17th February 2023
The Adrienne Arsht-Rockefeller Foundation Residence Center (Arsht-Rock) has announced the launch of the Extreme Heat Income Insurance, a new parametric insurance to help women in India recover wages lost due to climate-driven extreme heat events. Arsht-Rock partnered with insurtech Blue Marble, and the Self Employed Women’s Association (SEWA), a 50-year-old Indian ... Read the full article
Cloud outage next risk class primed for ILS risk transfer, says Parametrix
16th February 2023
Parametrix has announced it is working to bring Insurance-Linked Securities transactions to market which would protect ceding re/insurers against a sustained outage of “the cloud” to which many are exposed through their cyber portfolios. The leading provider of cloud downtime insurance suggests that a “Cloud-in-a-Box” transaction would employ a concrete, predetermined, ... Read the full article
Gallagher Re adds Parametric Solutions Lead to its climate resilience practice
13th February 2023
Gian Sandosh Semadeni is joining Gallagher Re’s Public Sector & Climate Resilience Solutions global practice as Parametric Solutions Lead. He will be working alongside Antoine Bavandi, who was appointed in 2022 to lead the new practice, and Dorra Berraies, who has spent four months serving at the practice as Senior ... Read the full article
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