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 transacts $170m in GWP in 2022
31st January 2023
Arbol, a global climate risk solutions platform, has reportedly transacted $170m in gross written premium (GWP) in 2022, marking significant growth and traction for the Arbol platform as it more than doubled its 2021 GWP of $70m. The InsurTech platform and FinTech company also reported cash flow-positive operations for the second-consecutive ... Read the full article
New Floodbase solution augments existing parametric wind policies
27th January 2023
Floodbase, a climate adaptation technology company that provides flood risk analysis, has announced its rebranding and also launched a new feature that enables insurers to add flood protection to existing wind parametric policies. Formerly Cloud to Street, Floodbase says its new solution aims to provide additional protection against stronger, slower and ... Read the full article
MS Azure outage triggers Parametrix parametric cloud insurance
26th January 2023
Earlier this week, Parametrix, the leading provider of cloud downtime insurance, monitored an outage of Microsoft Azure, the world’s second-ranked cloud service provider. Part of the ‘Big Three’, which includes Amazon Web Services and Google Cloud Platform (GCP), Azure boasts a reported 22% global market share. The outage event affected thousands of ... Read the full article
Inver Re appoints Kurt Cripps as Global Head of Parametric
19th January 2023
Inver Re, The Ardonagh Group’s reinsurance broker, has announced the appointment of Kurt Cripps as Global Head of Parametric. In the newly created role, Cripps will be responsible for leading parametric solutions, building a dedicated global parametric team, and working across the broader $13 billion premium Ardonagh Group. Cripps is an alternative ... Read the full article
Parametric flood insurer, FloodFlash launches in the US
17th January 2023
Parametric flood insurer FloodFlash has announced that it has entered into the US insurance market. After a devastating hurricane season in the US, policyholders have been waiting weeks, and in some cases, months, to receive claims to be able to rebuild their businesses and revive local economies. Moreover, in the wake of ... Read the full article
Arbol names Hector Ibarra as Vice Chairman of LATAM
10th January 2023
Global climate risk solutions platform, Arbol, has announced that insurance-linked securities and parametric insurance expert, Hector Ibarra, has joined the company as Vice Chairman of LATAM. Ibarra holds more than two decades of experience driving market development efforts across the financial industry, including parametric risk transfer products. Most recently, he served as ... Read the full article
Biotech start-up Aanika agrees parametric deal with US crop specialist
9th January 2023
Biotechnology start-up Aanika Biosciences has entered into a parametric food insurance agreement with Satur Farms, a specialty crop producer with operations in New York and Arizona. Aanika will bundle its technology for tracing fresh produce with a novel parametric food recall and contamination insurance policy, which should enable Satur to obtain ... Read the full article
Blink’s parametric travel delay cover protects 60,000+ travellers over holidays
4th January 2023
InsurTech Blink Parametric’s travel delay cover has protected over 60,000 travellers over the holidays throughout the recent travel chaos in the US. Travel chaos in the US caused by severe weather conditions has resulted in more than 11,000 flight cancellations across one week, as well as over 30,000 delays, leading to ... Read the full article
African Risk Capacity launches parametric insurance product
12th December 2022
The African Risk Capacity has launched its own parametric insurance product against high-impact epidemic risks. In a statement, the organisation said that Senegal was to be the first African country to join this new innovative financing mechanism. African Ministers of Finance in 2015 requested ARC to develop a product to meet countries' ... Read the full article
Arbol’s parametric solution delivers $10m payout for Hurricane Ian damages
6th December 2022
Arbol, a global climate risk solutions platform, has announced its parametric reinsurance solution has delivered one of the first payouts for loss or damage attributed to Hurricane Ian. The $10 million payout to Centauri Insurance, a property and casualty insurer operating in nine U.S. states, was executed less than one month ... Read the full article
Yokahu, FloodFlash & Vitesse collaborate on new parametric product
2nd December 2022
Climate risk insurance platform Yokahu, flood parametric insurtech FloodFlash, and global fintech Vitesse have collaborated on a parametric product to accelerate payments from insurers to policyholders to prevent small and medium-sized businesses from failing after extreme weather events. Leveraging its global digital banking distribution, Vitesse has developed a platform that allows ... Read the full article
Reask appoints David Schmid Head of Parametric Products
1st December 2022
Climate analytics and technology driven risk modelling firm Reask, has appointed David Schmid as Head of Parametric Products to expand its global parametric insurance product offering. Schmid is an expert in natural catastrophe risk modelling and parametric insurance. Additionally, he has a deep technical knowledge of modelling, structuring, and underwriting parametric ... Read the full article
Ping An highlights parametric and index insurance for combatting climate change
22nd November 2022
Richard Sheng, Secretary of the Board of Directors for Chinese insurer Ping An, has highlighted the role of parametric and index insurance in combatting the challenges of climate change. Speaking via videoconference on green and sustainable finance during the recent COP27 event, Sheng noted how his company has been exploring coverages ... Read the full article
WTW and The Nature Conservancy partner on US coral reef policy
21st November 2022
WTW has partnered up with The Nature Conservancy (TNC) to launch the United States’ first ever coral reef insurance policy. The insurance policy will provide money for rapid coral reef repair and restoration across Hawai‘i immediately following hurricane or tropical storm damage. In 2019, TNC and partners implemented the world’s first reef ... Read the full article
Blink Parametric enters Pakistan under new deal with Salaam Takaful
16th November 2022
Blink Parametric has announced that it has entered into an agreement which will see one of its flagship parametric products embedded across all Salaam Takaful Limited travel insurance policies. Recognised as one of the leading Takaful operators in Pakistan, Salaam Takaful Limited provides retail, travel and commercial insurance products, and has ... Read the full article
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