Parametric insurance news

Parametrix, a specialist in parametric cloud downtime cyber risk transfer, has confirmed that it has already paid claims to clients that were impacted by the Amazon Web Services (AWS) outage on October 20, 2025.

CCRIF SPC, the Caribbean and Central America Parametric Insurance Facility and Development Insurer, has unveiled a new parametric insurance product, the Livelihood Protection Policy (LPP), in Jamaica as the country continues to deal with the aftermath of Hurricane Melissa.

The Danish Red Cross is piloting a parametric flood insurance program in Malawi with the support of the African Risk Capacity (ARC) as it looks to develop a sustainable solution to make humanitarian funding faster when disaster strikes.

Reflecting on the impacts of Hurricane Melissa, Jamaica’s Prime Minister Dr. Andrew Holness has stressed the importance and effectiveness of responsive disaster risk financing instruments in reducing the country’s debt burden in the aftermath of the hurricane.

The Asian Development Bank (ADB) has approved plans to issue a pilot parametric catastrophe bond for Kyrgyz Republic and Tajikistan which could be as much as $100 million in size, protecting both countries against earthquake and flood risks.

Descartes Underwriting, the parametric risk transfer specialist, has adopted mea Platform’s artificial intelligence (AI) products to enhance automation and data orchestration across its underwriting processes.

In a recent panel discussing how reinsurance strategies can expand insurance access in India, Mahipal Reddy, Executive Director, International Financial Services Centres Authority (IFSCA), GIFT City, Gujarat, suggested that the analytical framework already set in place for catastrophe bonds and insurance-linked securities (ILS) will drive the popularity of parametric solutions.

Willis, a business of insurance and reinsurance broker WTW and Rare, the global conservation organisation have teamed up to launch a parametric insurance solution for small-scale fishers in the Philippines, with capacity provided by the Natural Disaster Fund (NDF).

Ministers from the G20, or Group of Twenty forum for global economic cooperation, recently came together in South Africa for annual meetings and the Disaster Risk Reduction Working Group advocated for the enhancement of risk transfer solutions, particularly including use of parametric insurance, risk pools, and catastrophe bonds.

Insurance and reinsurance broking firm Aon has structured and placed the first and largest parametric forest fire insurance policy ever undertaken in Brazil, developed for stationery manufacturer Faber-Castell.