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.
Storm Amanda a “critical test” of parametric cover, says MiCRO
10th July 2020
Tropical Storm Amanda, which recently triggered insurance payouts for El Salvador and Guatemala, was a “critical test” of the index-based insurance cover these countries have in place, according to the Microinsurance Catastrophe Risk Organization (MiCRO). MiCRO designed the excess rainfall coverages that triggered the payouts in collaboration with its local partners ... Read the full article
German gov assists ARC members with €19mn COVID-19 support programme
18th June 2020
In light of the ongoing COVID-19 pandemic, the German government has committed to assume premium payments of approximately €19 million for the drought insurance offered by the African Risk Capacity (ARC). In a recent video message, Maria Flachsbarth, Parliamentary State Secretary at the German Federal Ministry for Economic Cooperation and Development ... Read the full article
Swiss Re helps Indian state secure parametric insurance against flooding
16th June 2020
Global reinsurer Swiss Re has announced its role in helping India's northeastern state of Nagaland secure parametric insurance for excess rainfall events that can lead to severe flooding. The cover is based on a geospatially gridded dataset whose precipitation levels are derived from satellite observations. The parametric structure is designed to cover ... Read the full article
All CCRIF Caribbean members renew parametric insurance coverage
4th June 2020
The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has announced that all member governments in the Caribbean have renewed their parametric insurance coverage ahead of the 2020 Atlantic hurricane season, increasing the size of the pool by 8% to more than $1 billion. Acting as a risk ... Read the full article
Swiss Re Corporate Solutions launches parametric hail insurance solution
27th May 2020
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced the launch of a new parametric hail insurance solution, HAIL. The new parametric hail cover provides companies in the U.S. with insurance protection against the financial impact of a significant hail event. This includes things like physical ... Read the full article
Generali (GC&C) partners with Descartes on parametric insurance
14th May 2020
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has partnered with insurtech firm Descartes Underwriting to offer parametric insurance products. Descartes specialises in weather risk modelling and data-driven risk transfers and acts as a risk advisor, backed by independent private equity firm BlackFin Capital Partners. The partnership ... Read the full article
Cooper Gay confirms acquisition of Meteo Protect brand & tech
20th April 2020
Cooper Gay France, the European brokerage and wholesale managing general agency (MGA), has acquired the brand and technology of parametric and weather index insurance specialist and Lloyd's of London coverholder, Meteo Protect. The agreement provides Cooper Gay, which is part of the BGC Partners broking group, with stronger capabilities in the ... Read the full article
Global Parametrics targets coverage for Costa Rice coffee farmers
17th April 2020
Global Parametrics, a parametric and index-based risk transfer startup backed by the UK and German governments, has partnered with Arbol Inc. and Propina to provide coverage to smallholder coffee farmers in Costa Rica. Propina is a non-profit organisation with a platform that connects coffee consumers to coffee farmers around the world ... Read the full article
Parsyl raises $15m, launches suite of tech-enabled cargo insurance products
16th April 2020
Approved Lloyd's coverholder and supply chain data platform, Parsyl, Inc., has announced that Parsyl Insurance has launched a suite of connected cargo insurance solutions for perishable goods, called ColdCover. The new suite of solutions will be powered by the firm's IoT data platform and includes an innovative, industry-first parametric spoilage product, ... Read the full article
Dutch satellite firm VanderSat announces significant funding
7th April 2020
Dutch company VanderSat has raised several million euros to help further develop their patented satellite technology leveraged by global re/insurance firms AXA and Swiss Re. VanderSat operates internationally and can accurately measure the location and amount of water in the soil, anywhere in the world. Accurate and reliable data is used not ... Read the full article
Munich Re-backed parametric quake product launched in Mexico by Super
3rd March 2020
Super Seguros Inc., acting through their local subsidiary (which was established as Mexico's first approved insurance MGA), has announced the launch of a new parametric insurance solution to protect against earthquakes for the retail consumer market in Mexico City, backed by reinsurer Munich Re. The new solution, Super Temblor, is a ... Read the full article
Understory expands parametric hail product in US
18th February 2020
Weather network and analytics firm Understory has launched a supplemental hail insurance product for automotive dealers in five new states. Now live in Arizona, New Mexico, Ohio, Pennsylvania and Wyoming, Auto – Hail Safe was first launched in 2019 and is designed to allow auto dealers to protect their vehicles from ... Read the full article
FloodFlash pays claims one day after storm Ciara
11th February 2020
InsurTech FloodFlash, a startup which provides sensor-based parametric flood insurance to ensure rapid payouts, has revealed that it paid claims related to storm Ciara just one day after flooding. Storm Ciara (also known as European windstorm Sabine) struck Europe over the weekend, with impacts widespread due to the size of the ... Read the full article
Travel insurtech Blink launches parametric solutions platform
7th February 2020
Travel insurtech Blink has announced the launch of a platform designed to offer a range of parametric insurance solutions. Blink Parametric’s platform-based solutions span the travel, climate, energy and IoT sectors. Blink Travel offers customers a real-time insurance service with real-time compensation options for issues like flight delays or cancellation. Blink Climate is ... Read the full article
AkinovA facilitates parametric cyber purchase for Asian tech firm
5th February 2020
AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it recently facilitated the purchase of a parametric Cloud Outage product for an Asia-based technology company. Completed on January 30, 2020, this transaction will provide protection in the event that a named Cloud Service Provider (CSP) ... Read the full article
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