AXA Climate, the specialist weather, climate and parametric risk transfer unit of the AXA Group, is partnering with catastrophe modelling, climate analytics and data specialist Reask, with a goal to make parametric risk transfer for cyclones faster and more accurate.
Reask utilises machine learning techniques and artificial intelligence to deliver enhanced visibility into risks and exposures, as well as data, that can all be utilised in the construction of and calibration of parametric triggers for windstorms.
The partnership will see AXA Climate benefiting from the use of Reask’s Metryc product, enabling it to offer parametric insurance solutions based on precise location-level wind speed data following tropical cyclone landfalls, worldwide.
Regine Mollenhauer, Chief Underwriting Officer at AXA Climate, stated,”Choosing Reask as our partner was a strategic decision driven by their ability to deliver quality, high-resolution data on a global scale. Their approach to probabilistic modelling empowers us to calibrate and structure parametric contracts with precision, ultimately benefiting our clients with faster and more accurate risk transfer solutions.”
David Schmid, Head of Parametric Products at Reask, also said, “Partnering with AXA Climate marks a pivotal moment for Reask, as it validates our commitment to providing the insurance industry with the most sophisticated climate risk data available. AXA Climate’s readiness to integrate our globally consistent data into their parametric insurance solutions showcases the transformative potential of data in further reducing the protection gap.”
Jamie Rodney, CEO of Reask, further commented, “This partnership with AXA Climate underscores our team’s passion for developing and applying cutting-edge science to real-world problems. AXA Climate’s recognition of our unique position in offering high-resolution, high-quality data globally aligns with our mission to become the currency for parametric insurance products. We’re truly excited to embark on this journey with AXA Climate, driving positive change and resilience in the face of climate risks.”
Through the use of advanced data and models AXA Climate hopes to improve the affordability, risk management and claims responsiveness of its parametric wind risk transfer products following events.
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