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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 →

CelsiusPro & Aon Benfield renew partnership on weather risk transfer

Swiss headquartered weather index insurance and parametric risk transfer specialist CelsiusPro AG and reinsurance broker Aon Benfield have renewed their existing partnership that sees the pair working together to deliver weather risk transfer solutions to Aon clients.CelsiusPro and Aon Benfield have been working together on parametric weather risk transfer since read the full article →

Commitments, funding to narrow protection gap announced at IDF event

At an event held in London today focused on the progress made by the Insurance Development Forum (IDF), as part of the International Insurance Society (IIS) conference, a number of commitments and news of funding were made, with the goal of furthering steps to narrowing the disaster protection gap.Insurance and read the full article →

London Centre for Global Disaster Protection announced at G20 by PM May

UK Prime Minister Theresa May has announced a new London Centre for Global Disaster Protection, that will be established to harness expertise in the insurance and reinsurance market with the goal of helping to increase the use of rapid paying risk transfer protection and insurance against perils such as drought read the full article →

World Bank, Swiss Re backed Kenya livestock index insurance pays out

An index-based livestock insurance program in Kenya, which was launched with the backing of the World Bank and with reinsurance from Swiss Re, has been triggered and will pay out $2 million to farmers hit by drought.The index insurance product utilises satellite technology to monitor and measure the state of 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 →

Swiss Re backs MiCRO catastrophe index business interruption cover

The Microinsurance Catastrophe Risk Organisation (MiCRO), a Barbados based reinsurance company that leverages the capital efficiency of the international reinsurance market alongside donor capital, has launched a novel index-linked business interruption policy.MiCRO launched in 2011 with the backing of Swiss Re, among others, to bring efficient insurance risk transfer products read the full article →

Satellite data supports the development of risk transfer solutions

Satellite data plays an important role in the establishment and success of risk transfer triggers and index insurance schemes, and as technology has advanced the use of satellites has expanded and become more efficient, supporting the growth of innovative agriculture insurance and reinsurance solutions.The agricultural sector of many emerging, poorer read the full article →

Lloyd’s, Guy Carpenter, Met Office to establish weather index for Asia

Lloyd’s of London, the UK Met Office, and reinsurance broker Guy Carpenter are working together to establish the concept of an agriculture weather index that can be used for insurance in Southeast Asia, with a report on the initiative set to be launched in London later this year.Following a commitment read the full article →

World Bank backs index insurance scheme to assist Kenyan farmers

Farmers in Kenya are set to benefit from the launch of a new innovative, index insurance scheme which utilises advanced technology and satellite data to assist agricultural workers in the face of flooding and drought conditions.Collaboration between public and private sector entities, with the assistance of the World Bank has read the full article →