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Parametrics to grow in 2018 as re/insurers look to resilience: Clyde & Co

International law firm, Clyde & Co., expects global insurers and reinsurers to focus on the potential opportunities and challenges represented by the protection gap as resilience takes centre stage in 2018, highlighting the benefits and expansion of parametric solutions.Clyde & Co. has released a number of insurance industry prediction pieces read the full article →

World Bank rep calls for supervision of index-insurance

Index-based, or parametric structured insurance solutions, while beneficial and expanding across the world, require greater supervision, according to Lead Insurance Specialist at the World Bank, Craig Thorburn.Insurance industry supervisors, policymakers and insurers from the Asia Pacific region met in Singapore at the 9th Consultative Forum in March, 2017, and debated read the full article →

World Bank & Africa Re to cap weather index-insurance loss ratios

The World Bank's Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have teamed up to provide a facility that will help to cap insurers loss ratios on weather index-insurance schemes in Africa.Index-insurance, or index based insurance, typically involves protecting policyholders from weather and climate impacts, using indices read the full article →

Sciemus launches index-based lack of sunlight cover for solar farms

Sciemus, the London-based specialist risk modelling and analytics firm for insurance and reinsurance markets, has launched what it terms a "unique" weather hedging management product, an index-based lack of sunlight insurance cover for solar farm operators.Sciemus explained that its lack of sunlight policy would pay out when levels of sunshine read the full article →

AXA to work on parametric weather insurance with World Bank

The World Bank continues to aid in the fight against severe weather and climate change’s impact on developing regions of the globe, with the announcement of a new partnership with AXA Corporate Solutions on parametric weather insurance.The agreement sees AXA work with the World Bank Group’s Global Index Insurance Facility read the full article →

Weather-index insurance successes expand access to protection

As Nigeria continues to grow its presence in the global agriculture market, officials from the country’s Government met in London recently to discuss a desire to increase the use of index-based insurance schemes for local smallholder farmers.To back this, the meeting of officials will also be the base for the read the full article →

IFC developing index-based earthquake insurance product for Indonesia

International Finance Corporation (IFC), part of the World Bank Group, is developing an index-based insurance product to protect banks in Indonesia that provide loans to individuals and micro, small and medium enterprises from losses following earthquakes and other disasters.The IFC has signed a cooperation agreement with specialist reinsurance company PT read the full article →

New parametric flood index-insurance pilot launched in Bangladesh

A new pilot scheme offering flood insurance to residents of a region of Bangladesh using a parametric product based on flood depths has been launched by a group of organisations including Oxfam and Swiss Re. The product aims to use alternative risk transfer techniques to protect poor residents of river read the full article →

Microinsurance penetration set to double by 2020 to 1 billion people

The global penetration of microinsurance cover is set to double from the 500m people currently covered to more than 1 billion by 2020, according to a statement from the Microinsurance Network. Governments, insurers and reinsurers are all expected to broaden he geographic scope and range of products as they seek read the full article →

$23 billion global crop insurance claims in 2012 the highest ever: Munich Re

According to Munich Re, the world's largest reinsurer, global crop insurance claims in 2012 reached a massive $23 billion. Munich Re attributes as much as $15 billion of these losses in the U.S. due to the severe drought in 2012. Crop losses are growing with increasing insurance penetration and in read the full article →