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.
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
“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
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.
