Floodbase, which was formerly known as Cloud to Street, has raised a $12 million Series A funding round, while announcing an evolution in its parametric flood risk transfer technology, to allow parametric flood cover to be added to an existing parametric hurricane product.Read the full article
Parametric insurance news
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Parametric insurance has existed for at least three decades but continues to gain traction within the market as a way to secure insurance coverage in a responsive and effective manner.
Parametric insurance involves a risk transfer being structured with a parametric trigger that defines the payout occurrence, typically based on an event parameter, such as wind speed, or earthquake intensity.
Parametric insurance and parametric triggers are now utilised widely across multiple classes of business and innovative structures are launching all the time.
Parameter Climate, the parametric climate focused underwriter and advisor, has achieved profitability in its first year and now moves forward with an appetite for growth into parametric climate, catastrophe and weather risk transfer, with additional capital sources one avenue that can drive expansion.Read the full article
Inver Re, the reinsurance broking arm of the Ardonagh Group, has announced the hire of long-standing Aon weather and parametric risk transfer leader Kurt Cripps as its new Global Head of Parametric.Read the full article
Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the hiring of Hector Ibarra as its new Vice Chairman of Latin America (LATAM).Read the full article
Descartes Underwriting, an insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced the launch of a full-stack insurer, named Descartes Insurance.Read the full article
Kenyan reinsurance company ZEP-RE is partnering with Planet Labs, a satellite imagery and data provider, to develop enhanced indices that can be used within the trigger and calculation process for parametric drought insurance products in Africa.Read the full article
The African Risk Capacity (ARC), a provider of parametric disaster insurance products, has launched its first epidemic risk transfer product, with the parametric insurance backed by Munich Re as the lead reinsurance company and initially covering Senegal.Read the full article
Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has paid out $10 million for a parametric reinsurance contract that was triggered by hurricane Ian for its client Centauri Insurance.Read the full article
Reask, a provider of catastrophe modelling, climate analytics and data that leverages machine learning techniques and artificial intelligence, has hired nat cat risk modelling expert David Schmid to lead its parametric insurance product offering.Read the full article
Allianz Global Corporate & Specialty (AGCS) has announced an impending expansion of its Alternative Risk Transfer team, as the global insurance and reinsurance player continues to expand the use of non-traditional risk transfer and capital solutions for its clients.Read the full article