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.
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
PCRIC to add early payout triggers for parametric drought cover
15th November 2022
Aholotu Palu, CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), has said that his firm has been in discussion with stakeholders regarding a parametric drought insurance product with early payout triggers. Speaking in Egypt during the COP27 climate conference, Palu contributed to a panel that explored innovative solutions in disaster ... Read the full article
African Risk Capacity receives €9m grant from EU Commission
15th November 2022
The African Risk Capacity (ARC) has received a grant funding of €9 million from the European Union Commision at a special COP 27 event as part of marking the 10th anniversary of the specialised agency of the African Union. The ARC was established in 2021, it is a provider of parametric ... Read the full article
Insurtech FloodFlash expands into US, led by Mark Hara
14th November 2022
Parametric flood insurance company FloodFlash has announced plans to expand into the US market, led by Mark Hara as Chief Executive Officer (CEO) for its North America operations. As CEO of North America, Hara will be charged with developing and executing the US go-to-market strategy, initially launching for commercial property in ... Read the full article
IDF and UNDP to lead on parametric flood insurance cover for Lagos, Nigeria
11th November 2022
The Insurance Development Forum and the United Nations Development Programme, along with the German Government and the Lagos State Government in Nigeria, have launched a €1.6 million project to develop a sub-sovereign risk transfer scheme to provide flood risk cover for Lagos State, Nigeria. The Insurance Development Forum, (IDF) notes ... Read the full article
Belize first to receive payout by MAR Fund after Hurricane Lisa triggers parametric policy: WTW
11th November 2022
The country of Belize is set to receive a payout of $175,000 after Category 1 Hurricane Lisa triggered its parametric policy under the Mesoamerican Reef (MAR) Insurance Programme, reports insurance and reinsurance broker WTW. Launched in June of last year via a partnership between WTW and the Mesoamerican Reef Fund, ... Read the full article
More African countries need to come into the parametric fold: ARC CEO
3rd November 2022
The impacts of climate change see Africa lose up to 15% of its gross domestic product per capita, every year, suggesting there's an urgent need to expand the use of alternative risk solutions, such as parametrics, to help more countries effectively navigate the changing climate. This is according to the African ... Read the full article
CCRIF makes four payouts totalling $15.2m for 2022 Hurricane Season
31st October 2022
The CCRIF SPC has released a report stating it has made 4 payouts totalling US$15.2 million to 3 of its member governments during October for hydrometeorological events associated with the 2022 Hurricane Season. Nicaragua received US$8.9m on the country’s tropical cyclone policy following Hurricane Julia, which made landfall in Nicaragua on ... Read the full article
Chaucer & K2 partner to launch new US parametric product
27th October 2022
Global specialty re/insurance group, Chaucer, in partnership with K2 Parametric, will provide coverage for US mid-size corporates and municipalities against hurricane and earthquake damage, an area which it notes has previously been underserved by the market. The partnership with K2 Parametric is the latest parametric initiative from Chaucer, which also provides ... Read the full article
Insurtech Otonomi raises $3.4m to build blockchain-powered parametric cargo platform
18th October 2022
Insurtech and parametric cargo insurance platform, Otonomi has announced that it has closed a $3.4 million funding round to build a first-to-market blockchain-powered parametric cargo platform. The funding round was led by ATX Ventures, followed by GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, ... Read the full article
Building resilience to climate change is of paramount importance in Africa: ARC
29th September 2022
Ahead of COP27, the African Risk Capacity (ARC) outlines the importance of parametric insurance on the African continent, highlighting the need for further collaboration with more developed nations. ARC provides parametric insurance services to African Union member states and farmer organisations to pool disaster-related risk across Africa and transfer it to ... Read the full article
Co-founder Evan Glassman leaves New Paradigm
10th September 2022
New Paradigm Underwriters, a specialist managing general underwriter and insurtech platform focused on parametric risk transfer, has announced the departure of co-founder and Board member Evan Glassman. The company confirmed that, going forward, Glassman will no longer serve as an officer and director of New Paradigm and its subsidiaries and is ... Read the full article
UNCDF announces new parametric climate products for Fiji
2nd September 2022
The UN Capital Development Fund (UNCDF) has announced the introduction of two new parametric micro-insurance products to cushion the impact of climate change in Fiji. The products, backed by customer-facing research and evidence, have been developed through technical assistance from UNCDF with inputs and feedback from various partners and stakeholders. Fijian Minister ... Read the full article
Arbol and Singlife with Aviva partner on parametric rainfall travel cover
31st August 2022
Arbol, a global climate risk solutions platform has partnered with Singapore-based insurer Singlife with Aviva to provide it a parametric rainfall insurance product for travellers. Singlife stated that it is the first insurer in Singapore to offer this innovative parametric insurance product designed to help consumers manage the impact of unexpected ... Read the full article
Demex launches parametric snow insurance products
24th August 2022
The Demex Group, a noteworthy provider of comprehensive solutions for modelling, assessing, and managing climate-linked risks at scale, has announced the launch of new snowfall insurance products. Revenue and operating costs in snow-sensitive businesses are experiencing unexpected volatility driven by the changing nature of winter storms. Demex snow insurance hopes to deliver ... Read the full article
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