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.
Parametrics an “attractive & complementary” alternative: McGill and Partners
22nd February 2022
Parametric triggers in risk transfer can be a powerful tool, offering an effective way for insureds and reinsureds to secure responsive coverage that can be an “attractive and complementary” alternative to indemnity-based products, senior executives at specialty insurance broker, McGill and Partners, told us recently. Transparency is a key factor in ... Read the full article
Zurich Canada & Blink Parametric partner on flight disruption cover
17th February 2022
CPP Group’s parametric platform, Blink Parametric, has announced a collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group, to provide flight disruption cover to Zurich Canada policyholders. Under the arrangement, Blink will monitor flights in real-time, offering service choices within policy terms in the event of disruption such as ... Read the full article
Tropical Cyclone Batsirai triggers $10.7m ARC payout to Madagascar
17th February 2022
The Government of Madagascar is set to receive a payout of USD 10.7 million from the African Risk Capacity (ARC) following the impacts of tropical cyclone Batsirai, which ripped through central and southern Madagascar on the 5th of February 2022. The storm claimed the lives of at least 121 people in ... Read the full article
Parametrics & climate-adapted cat models are trends for 2022: CoreLogic
31st January 2022
Analysts at CoreLogic are forecasting that parametrics and climate-adapted catastrophe models will be key trends for re/insurers in 2022 following another year of elevated losses. The cat modeller sees parametric insurance in particular as a valuable supplement to traditional indemnity insurance. “These technologies are perfectly suited to provide insights into the high-gradient ... Read the full article
Parametrix Insurance and Leavitt Group to mitigate cloud downtime risk
25th January 2022
Provider of parametric cloud downtime insurance, Parametrix Insurance and brokerage Leavitt Group have both announced that ComTech-Leavitt Insurance Services, a member of the two, has partnered to help businesses that use the cloud reduce their exposure to the risks of cloud downtime. With the cloud turning into the alternative to traditional ... Read the full article
Philippines set for $52.5m payout as typhoon Rai (Odette) triggers cat bond
25th January 2022
The government of the Philippines is set to receive a $52.5 million payout under its World Bank issued catastrophe bond, after risk modeller and calculation agent AIR Worldwide determined that super typhoon Rai (locally known as Odette) breached the trigger for wind. As first reported by Artemis, the Philippines government ... Read the full article
CoreLogic partners with AXA Climate on Hail Protection product
11th January 2022
Catastrophe risk modeller CoreLogic has been selected to expand the Hail Protection product designed by AXA Climate, the specialist parametric risk transfer division of AXA. The product has been designed to help businesses recover from financial losses such as property damage or business interruption following a hail event. After the launch of ... Read the full article
WTW designs ‘game changing’ climate-focused parametric solution
20th December 2021
Broker Willis Towers Watson has announced its involvement in the design and placement of the world’s first parametric insurance transaction capable of making possible the Government of Belize’s ground-breaking debt restructuring for marine conservation. Munich Re participated in an underwriting capacity, with the insurance protection having played a crucial role in ... Read the full article
Howden collaborates with Everbridge to address climate risk with parametrics
23rd November 2021
International insurance broker Howden has joined forces with Everbridge, Inc., a leader in critical event management (CEM) and national public warning solutions, to enable response and recovery organisations to address climate risk and resilience. The first-of-its-kind collaboration brings together Everbridge's public safety technology with Howden's insurance expertise. By combining Everbridge's tech with ... Read the full article
Lloyd’s DRF launches parametric cyclone product in Australia
23rd November 2021
Insurance and reinsurance marketplace Lloyd's has announced the launch of a retail parametric cyclone insurance product in Northern Australia. The new solution, called Redicova, is supported by the Lloyd’s Disaster Risk Facility (DRF), an initiative designed to help build resilience by closing protection gaps around the world. The product is led by ... Read the full article
Insurtechs Demex & Vave target US for commercial extreme temp cover
22nd November 2021
Demex Group, an analysis and pricing platform for climate-linked risks is partnering with algorithmic underwriting managing general agent Vave on the delivery of extreme temperature insurance to commercial properties across the US. The intention is to embed Demex's technology within Vave's new commercial offering, which is designed to protect policy holders ... Read the full article
CCRIF grant to fund expansion of parametric fisheries product
15th November 2021
CCRIF SPC has received a €1 million grant from the Government of Ireland to support the rollout of its parametric insurance product for the fisheries sector in five additional CCRIF member countries in the Caribbean. The Caribbean Ocean and Aquaculture Sustainability Facility (COAST) initiative was launched by CCRIF SPC with support ... Read the full article
Arbol & SIG Re partner to deliver parametric reinsurance capacity
10th November 2021
InsurTech platform and FinTech company, Arbol Inc., has launched Arbol Underwriters Ltd. (AUL), a Bermuda-based registered insurance agent with a focus on matching reinsurance capacity with parametric insurance risks. AUL has partnered with SIG Re, a Bermuda domiciled reinsurer, to provide keystone committed capacity, with SIG Re having appointed AUL as ... Read the full article
Chaucer, parametric insurtech Yokahu partner on microinsurance product
10th November 2021
Chaucer, a global specialty re/insurance group, has teamed up with parametric insurtech Yokahu on a microinsurance product aimed at providing relief following hurricane events in the Caribbean. In the event of a hurricane, Yokahu monitors wind speed at customers' location and the atmospheric pressure at the centre of a hurricane, allowing ... Read the full article
MIS partners with parametric hurricane insurance MGA Yokahu
29th October 2021
Geospatial imagery and re/insurance intelligence company, McKenzie Intelligence Services (MIS), has announced a strategic partnership with digital first Managing General Agent (MGA) McCosh Holdings Ltd, trading as Yokahu. Yokahu uses parametric underwriting and data visualisation to provide hurricane and tropical cyclone protection. The business is an approved Coverholder at Lloyd’s and is ... Read the full article
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