There has been an exponential increase in awareness and understanding of parametric insurance, reinsurance and risk transfer solutions in recent years, but still education is lacking among protection buyers which has led specialist New Paradigm Underwriters to launch its own conference on the subject.
Artemis and sister publication Reinsurance News are delighted to be media partners for the first annual New Paradigm Global Parametric Insurance and Reinsurance Conference, which is being held in Miami, Florida in April 2020.
The New Paradigm Conference is designed to be a forum for protection buyers, both corporate insurance and also reinsurance, as well as market participants, to learn how parametric insurance and technologies are helping to close the global protection gap.
Evan Glassman, CEO of New Paradigm, explained, “All the recent global natural disasters of the last several years, whether from hurricanes Harvey, Irma and Maria, wildfires or other perils have highlighted the protection gap under traditional insurance programs. Percentage deductibles, limitations of coverage and in many cases, an adversarial claims process, only serve to exacerbate the issues post event.”
While parametric insurance and reinsurance has been available and part of the global risk transfer landscape for many years now, including in insurance-linked securities (ILS) and catastrophe bonds, its sophistication is increasing rapidly thanks to advancements in data availability and technology, which is helping to drive awareness in parametric triggers as an option for protection buyers.
Glassman continued, “At many of the insurance and reinsurance conferences New Paradigm has attended over the last several years there has been the occasional speaker or panel discussing either parametric insurance and/or the protection gap. We believe parametric solutions deserve their own educational forum.
“We are excited about bringing together all the stakeholders in the industry including corporate clients, leading insurance and reinsurance brokers, (re)insurance companies, ILS funds, Index providers and other parametric platform providers that are interested in learning and sharing more about parametric risk transfer solutions. We will be hosting industry experts as well as actual corporate and (re)insurance company purchasers of parametric coverage as speakers and panelists to discuss how and why this market has been growing so significantly.”
The New Paradigm Global Parametric Insurance and Reinsurance Conference will be held at the Eden Roc / Nobu Hotel in Miami Beach on April 2nd – 3rd 2020.
For more information about the conference and to register your interest, please visit www.parametricconference.com.
Read more about parametric risk transfer here on Artemis.
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