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.
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
SiriusPoint enters strategic partnership with Parameter Climate
22nd October 2021
Global specialty insurer and reinsurer, SiriusPoint Ltd., has acquired a significant ownership stake in full-service climate underwriting and distribution advisory firm, Parameter Climate, as part of a strategic partnership between the two companies. As part of the deal, SiriusPoint will also provide multiyear capacity and paper, with additional capacity secured from ... Read the full article
Neptune Flood acquires parametric insurtech Jumpstart Insurance
4th October 2021
Neptune Flood, an insurtech firm focused on the flood market, has added parametric earthquake to its portfolio of technology-based insurance products via the acquisition of Jumpstart Insurance Solutions. Jumpstart leverages a parametric trigger approach to provide a set payout based on quake intensity, which unlike traditional quake cover, enables rapid payout ... Read the full article
Global Parametrics partners with ERN & Ingeniar on Colombia landslide risk
28th September 2021
Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with ERN and Ingeniar to help design the first risk transfer parametric product for urban landslides in Manizales, Colombia. ERN is a Latin American specialist in catastrophe risk models, while Ingeniar has been the main private advisor for the local ... Read the full article
Steel City Re launches parametric ESG insurance product
15th September 2021
Steel City Re, a provider of parametric insurance solutions for reputation risk, has announced the launch of a new environmental, social and governance (ESG) product designed to protect Boards of Directors. Shareholder and public pressure has propelled ESG issues to the forefront of companies’ minds in recent years, but Steel City ... Read the full article
Swiss Re CorSo partners with Reask on parametric windstorm cover
31st August 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has partnered with Reask, a tropical cyclone risk analytics firm, to expand its parametric windstorm solution, STORM. The firm plans to leverage Reask's technological windspeed data to provide tropical cyclone coverage to corporate and public entities exposed to the ... Read the full article
Haiti earthquake triggers $40mn CCRIF SPC payout
18th August 2021
The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) is set to make a payout of approximately $40 million to the Government of Haiti following a devastating magnitude 7.2 earthquake on August 14. The earthquake significantly impacted the city of Les Cayes and released approximately twice as much energy ... Read the full article
WTW links Ecological forestry to 41% fall in residential insurance premiums
9th August 2021
A new study by global conservation organisation The Nature Conservancy and re/insurance broker Willis Towers Watson has found a 41% decrease in residential insurance premiums when ecological forestry is applied to relevant areas. By modelling the impact on insurance of controlled burning and ecological thinning of overgrown forests, researchers at TNC ... Read the full article
Parsyl sets record for parametric temperature claim payout
30th June 2021
Parsyl, a provider of insurance for essential supply chains, has settled a marine cargo insurance claim in 7 hours and 40 minutes, in what it says is a new industry record. The spoilage claim was paid to Niceland Seafood through Parsyl’s ColdCover Parametric product, which uses smart sensors and pre-configured spoilage ... Read the full article
AEGIS London to offer active assailant parametric cover
15th June 2021
Lloyd’s insurer AEGIS London has announced the launch of a new parametric insurance product that is designed to protect small businesses against economic losses following a shooting or malicious incident within 250m of their premises. The product is targeted initially at SME businesses in the Dallas area for portfolios of up ... Read the full article
WTW announces parametric cover for Mesoamerican Coral Reef system
4th June 2021
Re/insurance broker Willis Tower Watson has partnered with the Mesoamerican Reef Fund on the development and implementation of insurance solutions aimed at protecting and restoring the 1,000km reef system along the Caribbean coast post-hurricane. The parametric insurance covers hurricane risk to the critically endangered Mesoamerican Reef (MAR) and the communities dependent ... Read the full article
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