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Insurtech start-up FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, is scaling up its offering with the help of major reinsurance carriers to provide protection to larger corporations.

A new direct to consumer parametric earthquake insurance product has been launched for the Latin America market by Super Seguros Inc., with reinsurance backing from global player Munich Re.

The promise of parametric triggers has always been faster claims payouts, with no lengthy assessment process and while many examples payout within days of a triggering event, the fastest we’ve seen following a true weather catastrophe is the payouts made within a day of windstorm Ciara by insurtech FloodFlash.

Catastrophe risk modellers JBA Risk Management and insurtech start-up FloodFlash have teamed up to launch what they claim to be the first property level parametric flood insurance product.

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.

The final $3.3 million chunk of notes from Bermudian reinsurance firm RenaissanceRe’s $140 million Series 2017-1 issuance of notes from its Fibonacci Reinsurance Ltd. sidecar-like vehicle have now had their maturity extended into 2019, as loss development continues.

The remaining slice of in-force notes from Bermudian reinsurance firm RenaissanceRe’s $140 million Series 2017-1 issuance of notes from its Fibonacci Reinsurance Ltd. sidecar-like vehicle have had their maturity extended for another three months.

The remaining in-force notes of Bermudian reinsurance firm RenaissanceRe’s $140 million of Series 2017-1 notes issued by Fibonacci Reinsurance Ltd. have been extended again, presumably as loss development continues.

Hurricane Irma slammed into Florida on Sunday as a Category 4 storm with 130 mph winds, hitting the Florida Keys first before making a second landfall on the southwest coast of the Peninsula. Coastal flooding from storm surge has been reported on both coastlines, including areas such as the Miami Brickell district.

The potential impact of major hurricane Irma, which now has Category 3 status and 130 mph+ winds as it tracks towards Florida, could be a test of the permanence of third-party capital in the global reinsurance sector, according to Standard & Poor’s (S&P).