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.
“Significant traction” for parametric solutions to pandemic: Artemis Live
2nd June 2021
Industry experts, speaking as part of the latest Artemis Live webcast, have said they believe there is "significant traction" for re/insurance solutions to leverage technology and hedge pandemic risk using parametric triggers. Last week's webcast, entitled “Hedging the Next Pandemic with Parametric Capital ... Read the full article
Parametrix raises $17.5m for cloud service downtime product
27th May 2021
IT downtime insurance provider Parametrix Insurance has raised $17.5 million in a funding round that saw participation from FirstMark Capital and F2 Ventures. Parametrix’s insurance product provides coverage for companies that could suffer financial or operational disruption due to outages to third-party cloud-based services. Using parametric triggers, the firm’s policies pay-out in ... Read the full article
Africa Specialty Risks launches parametric underwriting division
25th May 2021
Pan-African focused reinsurance group Africa Specialty Risks has announced the launch of its parametric division, alongside the appointment of Dr Raveem Ismail as Head of Parametric Underwriting and Ian Bishop as Parametric Product Manager. ASR Parametric has been established to combine underwriting, technology and analytical expertise to offer innovative risk solutions. Cover will ... Read the full article
Hedging the next pandemic: Register for live webcast
19th May 2021
Our insurance-linked securities (ILS) focused sister site, Artemis, has partnered with Vesttoo to explore opportunities to hedge the next global pandemic via the use of parametric risk transfer, enabled by advanced data and technology. Register online here to secure your place at this free live webcast event. Following ... Read the full article
IDF program looks to develop parametric solutions in Colombia
18th May 2021
Public-private partnership the Insurance Development Forum (IDF) has launched a program aimed at developing a parametric flood and earthquake product, as well as an indemnity landslide protection, in Colombian city of Medellín. The project includes participation from IDF members Hannover Re and Willis Towers Watson and t is part of the ... Read the full article
Technology drives the parametric risk transfer market: Artemis Live
13th May 2021
Undoubtedly, technology continues to be the driver of growth in the parametric risk transfer sector, said David Whitehead, Co-CEO of Speedwell Weather in a recent webcast with sister publication, Artemis. Last week, the Artemis Live series of interviews and webcasts with leaders and experts from across the re/insurance and insurance-linked securities ... Read the full article
Trigger certainty & rapid payout give parametrics a competitive edge: Artemis Live
5th May 2021
Speed of payment, trigger certainty and the potential for much lower basis risk than the traditional insurance product, are three of the main competitive advantages of parametric insurance, according to industry experts. Last week, the Artemis Live series of interviews and webcasts with leaders and experts from across the re/insurance and ... Read the full article
Live webcast: The Power of Parametric Solutions for Climate Resilience
26th April 2021
The Weather Risk Management Association (WRMA) and sister publication Artemis have partnered to host a live webcast on April 29th 2021 to discuss the role of parametric solutions in supporting climate resilience. Register online here to secure your place at this free live webcast ... Read the full article
New partnership establishes parametric solution for Nepalese farmers
1st April 2021
A new partnership co-funded by the InsuResilience Solutions Fund has been established to help protect climate-vulnerable smallholder farmers and marginalised people in Western Nepal against flood. The parametric risk transfer mechanism, managed by Frankfurt School of Finance and Management and funded by KfW Development Bank, measures flood flows and rainfall level ... Read the full article
Lloyd’s launches new parametric earthquake solution in New Zealand
23rd March 2021
Lloyd’s has announced the launch of a new parametric earthquake insurance policy in New Zealand designed to automatically pay customers within five days following a strong earthquake. The product has been developed in partnership with insurance start-up Bounce and leverages cutting-edge technology and real-time GeoNet data to track Peak Ground Velocity ... Read the full article
Global Parametrics & Fathom partner on flood index
19th March 2021
Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with UK-based flood risk modeller Fathom on a flood index that will enable new levels of parametric solutions. Global Parametrics has combined high resolution data provided by Fathom with streamflow data from the ECMWF GloFAS hydrological and monitoring system to ... Read the full article
FloodFlash pays Storm Christoph claims on same day
25th January 2021
Parametric insurtech firm FloodFlash has issued pay-outs to policyholders affected by flooding from Storm Christoph, in many cases on the same day as the flooding occurred. The fastest claims took just 9 hours and 44 minutes from the property flooding to the client receiving the full settlement in their account, which ... Read the full article
Zurich NA launches construction weather parametric insurance
6th January 2021
Zurich North America has launched a Construction Weather Parametric Insurance product for project owners and contractors, due to the growth of severe weather events in the US. The insurer's Construction Weather Parametric policy differs from traditional policies such as Builders Risk, as it doesn't require physical loss or damage for a ... Read the full article
ARC launches parametric cyclone product in Africa
22nd December 2020
The African Risk Capacity (ARC) Group is proposing a new parametric insurance mechanism to African countries in the South West Indian Ocean (SWIO) to help mitigate the damages caused by tropical cyclones. The product, already in use by Madagascar, was developed by ARC in response to a growing demand for parametric ... Read the full article
Aon extends partnership with parametric tech firm CelsiusPro
15th December 2020
Re/insurance broker Aon has extended its long-term collaboration with parametric technology firm CelsiusPro. Aon’s Innovation and Solutions team is reported to have seen a dramatic increase in the number of clients seeking to understand how they might supplement or replace their existing risk transfer programmes with parametric structures to potentially improve ... Read the full article
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