Parametric insurance news

Kalshi, the prediction market platform, has entered into a strategic partnership with The Weather Company, a leading weather provider, to expand and support the growing weather hedging activity on its platform through provision of settlement data.

A new study co-authored by catastrophe modelling and climate analytics specialist Reask, has demonstrated how advanced downstream forecast analytics can eliminate basis risk in parametric insurance by funding pre-landfall protective actions before a hurricane strikes.

The Chicago Mercantile Exchange (CME Group) is set to further expand its range of weather risk transfer and hedging products with a plan to launch Wind Power futures and options based on indices provided by Vaisala Xweather later this year.

The European Investment Bank (EIB), through its development arm EIB Global, is issuing a grant of up to €4 million to the United Nations World Food Programme (WFP), which will be used to support the development and rollout of parametric insurance products to protect smallholder farmers in Ethiopia.

Lockton, the independent insurance and reinsurance broking group, has hired former Descartes Underwriting business development specialist Owen Meaney as its new U.S. Parametric Leader.

The Nature Conservancy’s (TNC) Hawaiʻi parametric coral reef insurance policy will pay for damage assessment and reef repairs for the first time since it purchased the United States’ first such policy four years ago, following recent impacts from Hurricane Lala which brought dangerous flooding, strong winds and major power outages across the state.

Global reinsurance giant Munich Re has promoted Pierre Buisson to the role of Head of Weather & Agro, where he will be based in Zurich, and collaborate with the reinsurer’s clients across Europe to better understand, manage, and hedge weather-related risks.

Given that both the intensity and frequency of severe convective storm (SCS) events continue to steadily rise, Descartes Underwriting has indicated that the use of highly-responsive parametric solutions can help address aggregated SCS exposure.

The Inter-American Development Bank (IDB) has successfully arranged its first sovereign parametric catastrophe swap transaction, securing $20 million of hurricane risk transfer for Belize, underwritten by global reinsurance firm Swiss Re.

Global insurer AIG has expanded its cyber offering with the launch of a new parametric cloud outage solution developed in partnership with Parametrix, a provider of digital infrastructure insurance solutions.