index insurance

An index-based livestock insurance program has paid out to almost 3,000 smallholder farmers in Ethiopia, after its parameters were breached by satellite data inputs, triggering payouts of the drought protection the scheme provides.

CelsiusPro AG, a Switzerland headquartered weather index insurance and parametric risk transfer specialist, has announced the hiring of Lea Mueller to lead its consultancy and advisory offering.

More granular and higher resolution satellite data from earth observations are set to improve weather and catastrophe event insights for the insurance, reinsurance and insurance-linked securities (ILS) industry, according to the CEO of Orbital Micro Systems.

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.

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.

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.

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 in Africa.

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 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.

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.