European and global insurance giant Generali is formalising the structure of a Parametrics practice within its Global Corporate & Commercial (GC&C) arm, naming David Weber as Head of Parametrics and planning to develop parametric risk transfer opportunities across the group.
Recall that Generali has an established partnership with Descartes Underwriting, a parametric risk transfer focused insurtech managing general agency (MGA), as it looked to develop new parametric insurance solutions to actively respond to an evolving global risk landscape.
That partnership continues, but now Generali is formalising Parametrics within its Global Corporate & Commercial (GC&C) arm, looking to expand the parametric risk transfer operational platform and enhance its market presence in that space.
The company said it “confirms GC&C’s commitment to delivering innovative risk management solutions and addressing the evolving needs of our customers.”
The Property, Engineering & Construction division within GC&C’s Insurance Function will now be renamed as Property, Engineering, Construction & Parametrics.
Led by Sander Van Voorden, this division will assume additional responsibilities for coordinating the Parametrics proposition across Generali.
David Weber will lead the parametric insurance practice as Head of Parametrics.
Weber has worked for Generali since 2015 with a focus on casualty underwriting, but most recent was Head of Technical Insurance Governance for the firm. He had previously worked in casualty underwriting at Allianz, GAN Eurocourtage and Groupama.
The newly formed business structure at generali GC&C will serve as a competence center for parametric risk transfer and insurance, driving the broader development of parametric insurance business across the Generali Group.
Jean-Laurent Granier, Country Manager France, Europ Assistance & Global Business Activities said, “The strategic focus on Parametrics insurance is in line with Generali Group’s ‘Lifetime Partner 24: Driving Growth’ strategy, which involves investing in cutting-edge technology, advanced analytics and data, as well as industry partnerships to enhance our insurance capabilities. This unwavering commitment to innovation and continuous improvement underscores our dedication to meeting the ever-evolving needs of our customers in today’s dynamic and complex risk landscape.”
Christian Kanu, CEO of Generali Global Corporate & Commercial, added, “We are proud to be a center of expertise for Parametrics insurance, and our continued investment in this space solidifies the increasingly strategic role that GC&C plays within the Generali Group. This initiative enables us to enhance our operational capabilities, to ensure consistency in product offerings, and to establish ourselves as a leading player in the Parametrics insurance market. This way we will be able to support and offer even better insurance solutions to our clients, protecting their business on a global scale.”
Generali said that its partnership with Descartes has “successfully delivered innovative services on a global scale, experiencing significant growth.”
The company expects that parametric products will play an important role in global insurance and reinsurance markets as they evolve, helping to drive future expansion and offering enhanced solutions to clients.
Generali GC&C “looks forward to further nurturing and strengthening its relationship with Descartes as they continue to explore opportunities in this dynamic sector,” the insurer said.