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Parametric specialist Descartes opens APAC offices with new hires

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is expanding into Asia Pacific with two new offices opening in Singapore and Sydney, Australia. Descartes announced an $18.5 million Series A funding round from leading global venture capital firms last read the full article →

AXA Climate to back Mesoamerican Reef parametric hurricane insurance

In June we wrote about the launch of a project to develop an innovative parametric insurance program to protect the Mesoamerican Reef system and the communities that rely on it against impacts from hurricanes. Now, it's been announced that the insurance carrier sitting behind the parametric reef insurance policy is AXA read the full article →

CCRIF confirms parametric insurance payouts for hurricane Elsa

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has confirmed that it made a number of payouts after the passage of hurricane Elsa, as member parametric insurance policies and deductible covers were triggered, its first payouts of the 2021 hurricane season. We explained back in early July read the full article →

Hailios aims to close the hail insurance gap with parametrics & sensors

Regular readers know we love a parametric trigger where the data inputs are sensor-derived and located on-site for the insured or covered party. Hailios is doing this for hail coverage, an area where significant gaps in insurance protection are often evident. Hailios has developed its own sensor technology for sensing and read the full article →

Ecological forestry + parametric risk transfer can reduce wildfire losses

A new report on wildfire resilience insurance suggests that in order to help make wildfire insurance more accessible and affordable, a combined ecological forestry approach alongside parametric risk transfer could reduce wildfire losses for the insurance and reinsurance sector. As a result, this could help to drive wildfire insurance premiums lower, read the full article →

St Lucia says hurricane Elsa may trigger CCRIF deductible payout

As hurricane Elsa moved across the eastern Caribbean one of the island nations it came close to was St Lucia, which it's reported has experienced wind gusts to 79 mph and sustained 46 mph tropical storm force winds. Property damage has been reported from St Lucia, as unfortunately has one death. read the full article →

Arbol’s climate data network dClimate gets Mark Cuban investment

Things are hotting up in the weather risk management and parametric risk transfer technology space and Arbol, a smart contract, parametric risk transfer and weather insurance marketplace technology provider is one of the companies leading the charge. Arbol's founders have launched dClimate, a decentralized network for climate data and now received read the full article →

Parsyl sensor driven parametric insurance pays-out in less than 8 hours

Parsyl Inc., a provider of data-driven, sensor-based systems that are used in parametric risk transfer and insurance, has made a pay-out under a temperature linked policy in less than 8 hours. The company claims it as an industry record of sorts, but of course there are weather derivative contracts that can read the full article →

Global Parametrics structures, backs hurricane product in Dominica

Global Parametrics has designed and structured a new parametric hurricane insurance product that is now being sold in the Caribbean country of Dominica and is backed by the capital from the firms Natural Disaster Fund (NDF). The parametric and index-based disaster risk transfer company is working alongside a statutory agency of read the full article →

Parametrics: The future opportunity is already upon us

As climate change becomes a topic of increasing focus and with regulations poised to get tighter, the ability to customise parametric insurance solutions suggests that going forward, the product set is going to expand, according to industry experts. “When I look at available products today, I am quite certain that in read the full article →