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.
Generali GC&C promotes Pignoli to Head of ART & Parametrics
11th April 2025
Italian insurance giant Generali’s Global Corporate & Commercial (GC&C) business unit has promoted Michele Pignoli as Head of Alternative Risk Transfer (ART) and Parametrics. Pignoli has over 13 years of insurance industry experience, having most recently served as the Global Head of Parametric Products & Solutions at GC&C. Before this, he was ... Read the full article
Start Network receives $727K ARC Replica insurance payout for drought relief in Somalia
7th April 2025
Start Network has received a significant insurance payout of $727,855 through the African Risk Capacity (ARC) Replica programme. This crucial funding will enable rapid cash transfers to 10,500 households in Somalia grappling with the devastating effects of drought. The ARC Replica program is a partnership between ARC and humanitarian organisations like Start ... Read the full article
CelsiusPro expands Climate Resilience Solutions team with five new members
7th April 2025
CelsiusPro Group is strengthening its Climate Resilience Solutions offerings with the addition of a highly experienced Disaster Risk Finance (DRF) team. Joining Global Parametrics, a CelsiusPro Group company since September 2023, the team brings extensive project management and consulting experience from their previous roles at the WTW Climate and Resilience Hub, ... Read the full article
Skyline and the European Space Agency partner on parametric wildfire and drought solutions
3rd April 2025
Skyline Partners Ltd., a parametric outsourcing platform provider, has launched a joint project with the European Space Agency to utilise space assets and technology to efficiently provide parametric insurance products for drought and wildfire risks globally. The Business Applications and Space Solutions programme of the European Space Agency will be heading ... Read the full article
ICEYE launches new hurricane data solution
31st March 2025
ICEYE, a provider of satellite-based disaster management solutions, has launched a hurricane data solution, providing insurers with impact information from both wind and flooding within 24 hours of a hurricane making landfall in the US. "Using high-resolution satellite imagery, ground-based data sensors, and auxiliary information, the solution delivers damage data across ... Read the full article
Parametrix supports Hannover Re’s renewal of $20m Cumulus Re cloud outage cat bond
26th March 2025
Hannover Re, one of Europe's big four reinsurers, with the support of Parametrix, has secured $20 million of retrocessional protection for losses caused by a sustained cloud outage event, with this second catastrophe bond transaction 45% larger than the inaugural deal. Cumulus Re II, or Cumulus Re (Series 2025-1) as ... Read the full article
Nagaland processes first claim under Parametric Disaster Insurance
24th March 2025
Nagaland has successfully processed its first claim under the Disaster Risk Transfer Parametric Insurance Solution (DRTPS), marking a significant step towards improving the state's disaster management efforts. In 2024, the Nagaland State Disaster Management Authority (NSDMA), in collaboration with SBI General Insurance, introduced this innovative multi-tier DRTPS agreement to strengthen disaster ... Read the full article
Vortex launches parametric hurricane insurance in Hawaii
18th March 2025
Vortex Weather Insurance has announced the expansion of its supplemental hurricane insurance solutions to Hawaii. These products will offer quick and dependable financial protection against hurricane losses for businesses, commercial property managers, and community property managers. As part of this expansion, Vortex is partnering with Hawaiian Hurricane Group, and MGA/MGU specialists in ... Read the full article
Yokahu launches parametric exchange for London re/insurance market
18th March 2025
Parametric insurance specialist Yokahu has launched cat-risk.com, an independent parametric exchange for the London re/insurance market. According to Yokahu, cat-risk.com connects brokers, carriers, and data providers to streamline parametric insurance transactions, "significantly reducing" friction in the market and ensuring fast, transparent payouts when disasters strike. Designed to complement the London market, the ... Read the full article
AI-powered parametric insurance platform Mythen launches for nat cat risks
17th March 2025
Insurance technology veteran Sandra DeSilva has launched Mythen, an AI-powered parametric insurance platform and reinsurer specialising in natural catastrophe risks. Based in Bermuda and Texas, Mythen brings together a global team of re/insurance and technology experts, using advanced technologies to provide liquidity and coverage for risks that are traditionally difficult to ... Read the full article
NMIS expands hurricane parametric insurance to Puerto Rico for commercial risks
14th March 2025
Lloyd’s coverholder and a parametric re/insurance solutions provider, NormanMax Insurance Solutions (NMIS), has expanded its NMIS Parametric Insurance Platform and Broker Portal to include commercial risks in Puerto Rico. This expansion enables businesses on the island to access reliable and efficient hurricane protection, addressing the unique challenges posed by severe storms ... Read the full article
Global Parametrics appoints Jacob as London Market Business Development Director
10th March 2025
Global Parametrics, a CelsiusPro Group company, has announced the appointment of Ola Jacob as London Market Business Development Director. Jacob will leverage his over 13 years of experience to drive the expansion of CelsiusPro Group's parametric solutions through the London Market, aiding private- and public-sector clients in enhancing their climate resilience. The ... Read the full article
PCRIC makes payout on coral reef policy following tropical cyclone Rae
10th March 2025
The Pacific Catastrophe Risk Insurance Company (PCRIC) has made its first-ever payout to an NGO client, Fiji’s Vatuvara Foundation, under a parametric insurance policy following the impact of tropical cyclone Rae. The Vatuvara Foundation’s policy with PCRIC reportedly provides coverage for tropical cyclone risk affecting a highly valued coral reef in ... Read the full article
Gabriel Gross to lead expansion of XS Global’s parametric portfolio
4th March 2025
Managing general agent (MGA) XS Global has appointed Gabriel Gross as Director of ART & Parametrics, effective March 1st, 2025, based in Paris. In his new role, Gross will lead the expansion of the firm's parametric portfolio and secure additional capacity for a global diversified book of business. He is also tasked ... Read the full article
Blue Marble launches reinsurance facility to help expand parametric capacity
28th February 2025
Climate insurer Blue Marble has unveiled its new Impact Reinsurance Facility, aimed to help expand parametric climate protection for vulnerable communities worldwide. Backed by Zurich Insurance and a consortium of global reinsurers, this dedicated risk capacity solution aims to address the growing weather-related risks faced by underserved populations in Latin America, ... Read the full article
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