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ARC and Southern African nations to work on parametric risk transfer

The African Risk Capacity (ARC), which provides parametric disaster insurance products for countries in Africa, has signed a memorandum of understanding with the Southern Africa Development Community (SADC) Secretariat to further enhance its members disaster resilience and risk financing.With the SADC region of Africa being particularly prone to climate and read the full article →

RMS launches HWind forecasts for North Atlantic hurricanes

Catastrophe risk modelling specialist RMS has announced the launch of a new suite of hurricane forecasting products for the North Atlantic powered by RMS HWind.The tools are part of the firms RMS HWind Real-Time Analysis Solution suite and are designed to enable proactive decisions to be made as hurricanes approach read the full article →

InsuResilience Solutions Fund backs crop & livestock parametric insurance

The InsuResilience Solutions Fund, which is part of the InsuResilience Global Partnership, will fund and support the development of an index-based crop and livestock insurance solution for smallholder farmers in South Africa.It's the first funding announced by the InsuResilience Solutions Fund (ISF), which was established and is funded by KfW, read the full article →

First Syndicate-in-a-Box at Lloyd’s to feature parametric risks from Munich Re

German reinsurance giant Munich Re is set to be the sponsor of the first "Syndicate-in-a-Box" to be launched under the new Lloyd's rules that aim to make it simpler for start-up underwriting operations to access the benefits of being a Lloyd's market participant.Lloyd's created the so-called syndicate-in-a-box to provide a read the full article →

Parametric triggers can expand the limits of insurability: Swiss Re

Parametric triggers, coupled with increasingly granular data and technology, can "expand the limits of insurability" according to Swiss Re, especially when it comes to non-physical damage business interruption (NDBI).Innovation continues to deliver on new ways to mitigate risks, Swiss Re said in a recent report.These innovations are enabling better management read the full article →

Bahamas parametric CCRIF payouts for hurricane Dorian hit $12.8m

The Government of The Bahamas has now received US $12.8 million in payouts from its parametric insurance policies with the CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility).As we'd already reported, the CCRIF made an initial payout of almost $11 million to the Bahamas after Category 5 hurricane Dorian read the full article →

Nature Conservancy targets Florida & Hawaii for parametric reef insurance

Having already developed the first parametric insurance policy to insure and enhance the resilience of a coral reef section of the Mesoamerican Reef in Mexico, The Nature Conservancy (TNC) is now looking to expand the product's reach into Florida and Hawaii.The Nature Conservancy (TNC) had partnered with global reinsurance giant read the full article →

Parametric ILS “vital” to reduce protection gaps, increase resilience: Mark Carney, Bank of England

Mark Carney, the Governor of the Bank of England, discussed the role of insurance and reinsurance technology as an essential financial took to smooth the world's transition to a 1.5 degree world and highlighted the role of insurance-linked securities (ILS) within that.Speaking on Sunday in New York, on the sidelines read the full article →

Lloyd’s launches parametric policy with no named perils required

Lloyd's has developed a new parametric insurance policy for the hotel industry with a trigger that does not require a named peril to have occurred, rather paying out based on a decline in revenues being recorded.The first policy designed by the Lloyd's insurance and reinsurance market's new Product Innovation Facility, read the full article →

IDF members commit $5bn of capacity to support InsuResilience goals

Members of the Insurance Development Forum (IDF) have committed to provide up to US $5 billion of risk capacity to support delivery of the InsuResilience Vision 2025 goals, while the United Nations and other sovereign actors have committed to extending climate and disaster insurance to 500 million.Announced yesterday in New read the full article →