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.
Descartes looks to expand its parametric offering with new German office
18th August 2022
Descartes Underwriting, an insurtech company specialising in corporate insurance solutions to address climate and emerging risks, has opened its office in Frankfurt to drive collaboration with DACH based brokers and clients. With this launch, Descartes seeks to expand its parametric offering to markets throughout Germany, Austria, and Switzerland. Tanguy Touffut, Descartes’ CEO ... Read the full article
IBISA raises seed funding from Ankur Capital
17th August 2022
The Luxembourg based start-up IBISA, has raised seed capital of an undisclosed amount from Ankur Capital, an India-based early-stage venture capital fund focused on transformative technologies in deeptech and climate tech. With this fresh funds, the start-up is now planning to scale its operations across the country with operations in Odisha, ... Read the full article
Parametrix introduces downtime insurance for content delivery networks
15th August 2022
IT downtime coverage provider Parametrix Insurance has announced the launch of a new product that aims to protect businesses from the financial fallout of third-party content delivery network (CDN) outages. Parametrix CDN Downtime Insurance is designed to secure cash flow to fix any damages after a business’s main sales and communication ... Read the full article
CCRIF member states purchase $1.2bn in parametric insurance coverage
1st August 2022
The CCRIF SPC member governments have renewed their paramedic insurance coverage for tropical cyclones, excess rainfall and earthquakes, and the fisheries sector for the policy year 2022/23. With this renewal, Caribbean and Central American governments have expanded their risk pool by 10% year-on-year, renewing $1.2 billion of coverage, this included earthquake, ... Read the full article
ARC Group and African Bank provide drought insurance payout to Madagascar
13th July 2022
A symbolic $797,049 check has been presented to the Government of Madagascar as payout for the drought insurance taken by the country under the Africa Disaster Risk Financing Programme (ADRiFi). The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through ... Read the full article
K2 Parametric Insurance Services signs first-capacity relationship
12th July 2022
K2 Parametric Insurance Services has said it is going into a first-capacity relationship with Homesite Underwriting Managers. Under the partnership, K2 Parametric will be able to offer commercial Parametric Natural Catastrophe polices for US earthquake and hurricane risks with limits up to $10m per policy. Scott Carpinteri, president of K2 Parametric, said: ... Read the full article
WTW adds Munich Re & AXA Climate as capacity providers for expanded reef project
5th July 2022
WTW, along with the Mesoamerican Reef Fund (MAR Fund) and the InsuResilience Solutions Fund has appointed Munich Re and AXA Climate as the insurance capacity providers that will support the MAR Insurance Programme, a central pillar of MAR Fund’s Reef Rescue Initiative. Using a model designed by WTW that captures the ... Read the full article
Rokstone’s Aura Underwriting launches new Caribbean parametric insurance product
27th June 2022
Aura Underwriting , part of the international specialty re/insurance MGA, Rokstone, and the Aventum Group, has announced the launch of Aura Parametric – a new Caribbean parametric product to complement its existing Lloyds Caribbean binder. Aura Parametric will provide reinsurance for hurricanes that intersect a pre-defined radius of an insured’s location, ... Read the full article
AXA Climate and Hailios partner up for new territories
21st June 2022
AXA Climate is to partner up with Hailios to expand its Hail Protection parametric insurance product into new countries. After an initial offering in North America, AXA Climate said it had begun to expand into France and Australia, calling Hailios a ‘key partner’ in making the expansion happen. In new markets, ... Read the full article
One Concern partners with WTW on US parametric insurance tool
20th June 2022
Advisory and broking solutions company, WTW and One Concern, a climate analytics company, have teamed up to bring climate resilience scores to the US insurance market. The pair believe their One Concern Resilience Score (1CRX) can “facilitate a better understanding of dependency risk and accelerate the adoption of parametric insurance.” The Score ... Read the full article
ARC Group and African Bank provide drought insurance payout to Zambian Government
17th June 2022
A symbolic $5.3m cheque has been presented to the Zambian Government as payout for the drought insurance taken under the Africa Disaster Risk Financing Programme Multi-Donor Trust Fund. The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through the Swiss ... Read the full article
Six countries at risk of climate shock to receive parametric support from new financing service
16th June 2022
Start Ready, a new humanitarian financing service, will be providing protection to people at risk in six countries against climate shock, according to a recent announcement by Start Network, a coalition of more than 50 humanitarian charities. It is now available to any of the countries that ... Read the full article
Allianz and Swiss Re to lead flood risk transfer project in Ghana
14th June 2022
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana. The IDF, alongside the Ghana Ministry of Finance, the United Nations Development Programme (UNDP) and the German Government, announced its launching during the IDF ... Read the full article
Skyline gains $1.75m in further funding from West Hill to support next growth phase
18th May 2022
Parametric specialist, Skyline Partners has announced that it has gained an additional US$1.75mil in further funding from specialist corporate finance and VC firm, West Hill Capital, bringing the total raised so far to US$3.5mil from the firm and others. The new funding round will support Skyline’s continued expansion, following increasing traction ... Read the full article
Howden, Munich Re & Skyline develop parametric solution for Jamaican farmers
27th April 2022
Broker Howden has partnered with global reinsurer Munich Re and Skyline Partners, a private-equity funded UK insurtech, to develop a parametric insurance solution designed to protect farmers in Jamaica from extreme weather events. With farming being the main the source of income for roughly 18% of the Jamaican population, adverse weather ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
