Parametric specialist Descartes joins ICMIF to advance climate resilience

Descartes Underwriting, a specialist underwriter of parametric risk transfer opportunities, has joined the International Cooperative and Mutual Insurance Federation (ICMIF) as a Supporting Member to help tackle climate risk.

The organisation, which specialises in corporate parametric re/insurance for natural perils and emerging risks, will reportedly work together with insurers across the ICMIF network to develop solutions that address numerous climate-related challenges.

Moreover, the insurance industry continues to experience a widening gap between insured losses and actual damage from natural disasters.

In 2024, global natural disaster events caused estimated economic losses of US$368 billion, with almost two thirds of these losses being uninsured.

This situation has led to calls within the industry for new strategies and approaches to risk transfer and coverage.

“We are excited to join the ICMIF. We collaborate daily with brokers and insurers around the world to create effective, economic coverage backed by science and technology. ICMIF is an extraordinary platform to extend our reach to organisations that share our vision of this new way forward,” commented Sébastien Piguet, Co-founder and Chief Insurance Officer of Descartes.

“We are delighted to welcome Descartes as a new Supporting Member of the Federation. Mutual and cooperative insurers, with their unwavering focus on positive outcomes for insureds, are open to innovative solutions that deliver for their members. Descartes’ take on insurance and their expertise in reinsurance will undoubtedly benefit ICMIF members through purposeful conversation and added value,” said Liz Green, Chief Executive Officer of ICMIF.