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Philippines seeks reinsurance to cover $19.6bn of state assets & infrastructure

The government of the Philippines continues to expand its natural catastrophe related insurance and risk transfer provisions, with the latest step being a roughly US $19.6 billion cover for certain state assets, for which it is now seeking private market reinsurance protection.The Philippines government has entered into the 1 trillion read the full article →

Zimbabwe to get ARC parametric drought & replica cover via WFP

The government of Zimbabwe has approved the purchase of a parametric drought insurance policy from the African Risk Capacity (ARC) and will also benefit from a replica cover purchased by the World Food Programme (WFP).In becoming a policyholder of an ARC parametric insurance cover, Zimbabwe will better insulate itself against read the full article →

AXA to launch FastCat parametrics as it accelerates climate strategy

Global insurance and reinsurance group AXA has launched a new phase in its climate strategy and has announced a new parametric risk transfer service called FastCat as part of its commitment initiatives.AXA said it wants to accelerate its contribution to the transition as an investor, insurer and cooperation enabler, seeing read the full article →

FEMA urged to use parametric triggers & ILS to drive insurance penetration

The U.S. Federal Emergency Management Agency (FEMA) is being urged to explore the use of parametric triggers as well as insurance-linked securities (ILS) to help drive increased insurance penetration for flood and other natural hazards and enable better financed disaster recovery.With a goal of increasing financial preparedness among both householders read the full article →

Indonesia gets $770m natural disaster insurance for state assets

Indonesia’s government has reportedly secured approximately US $770 million of natural disaster insurance coverage for state buildings and assets, as the country begins to implement its plans to transfer some of the financial risk of catastrophes to private insurance and reinsurance markets.Indonesia has been struck by a number of catastrophes read the full article →

Significant opportunities for parametric growth, say Descartes execs

Recent developments in the re/insurance and ILS markets have resulted in a significant expansion of parametric solutions, and executives at Descartes Underwriting believe many opportunities for further growth are now available to companies offering these kinds of products.Tanguy Touffut, CEO & Founder at Descartes Underwriting, and Edern Le Roux, Head read the full article →

ARC pays Côte d’Ivoire $745k after rainfall deficit triggers parametric cover

The African Risk Capacity (ARC) has now made a payout of $745,000 to the Government of Côte d’Ivoire after a deficit of rainfall during the growing season triggered the countries parametric insurance policy.ARC had been aiming to pay the country $738,835, but the final payment came out slightly higher at read the full article →

Parametric MGA Skyline Partners joins weatherXchange as capacity provider

weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather, has added another new capacity provider for the weather hedging products available through it, in parametric managing general agent (MGA) Skyline Partners.Skyline Partners is based in London and operates with a focus on parametric insurance and risk transfer read the full article →

Blockchain based parametric weather insurance in first payouts

A blockchain based parametric weather insurance product has made its first payouts, after severe weather impacted smallholder farmers covered by the product in Sri Lanka.The parametric insurance was launched in a pilot phase a year ago, as Oxfam in Sri Lanka teamed up with insurance and reinsurance broker Aon and read the full article →

African Risk Capacity’s parametric drought payout to Senegal hits $23m

The African Risk Capacity (ARC) has now paid out over $23 million after drought triggered Senegal's parametric insurance policy with the facility.At first the African Risk Capacity (ARC) had estimated the payout would be closer to $22 million, but this week the facility actually paid $23.1 million in two amounts read the full article →