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Climate risk transfer an opportunity for product design innovation: Greg Lowe, Aon

The growing pressure on corporations to take greater responsibility for the climate related risks and exposures they carry could present an opportunity for insurance and reinsurance market participants to demonstrate innovation in product design, according to Aon's Greg Lowe.Greg Lowe, the Head of Resilience & Sustainability at insurance and reinsurance read the full article →

CCRIF & World Bank issue first parametric fisheries insurance

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) along with the World Bank have announced the issuance of the first two parametric insurance policies covering the fisheries industry.The new Caribbean Oceans and Aquaculture Sustainability FaciliTy (COAST) fisheries parametric insurance policy has been issued to two of read the full article →

Oxfam, Aon & Etherisc automate parametric weather insurance on a blockchain

A collaboration between Oxfam in Sri Lanka, insurance and reinsurance broker Aon and insurtech blockchain solutions provider Etherisc has delivered a parametric weather insurance product that will make automated payouts to smallholder farmers.The trio, alongside local insurer Sanasa, have launched and begun enrolling farmers into a blockchain-based platform that will read the full article →

JBA & FloodFlash launch sensor-based parametric flood cover first

Catastrophe risk modellers JBA Risk Management and insurtech start-up FloodFlash have teamed up to launch what they claim to be the first property level parametric flood insurance product.The product utilises sensors developed by FloodFlash, which are installed in homes and businesses to provide a measurement source for data that can read the full article →

CCRIF risk pool grows 14%, approaches $1bn of parametric limit

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has grown its risk pool by over 14% in a year, as its members renewed and extended their parametric disaster insurance coverage under the facility.The CCRIF's parametric risk pool is now nearing $1 billion of coverage limit in read the full article →

Cost, efficiency, product & unbundling vital to protection gap initiatives

Public and private market efforts and collaboration to narrow or even close the insurance protection gap need to be accelerated and uptake of risk transfer needs to be extended, according to Chairman of AXA Denis Duverne.Speaking at an Insurance Development Forum (IDF) day held at the International Insurance Society (IIS) read the full article →

Bank of England to mainstream climate risk management, encourage disclosure

The Bank of England has committed to action in support of an orderly transition to a carbon neutral economy for the United Kingdom, seeking to "mainstream climate risk management" in the financial sector and encourage broad disclosure of climate-related risks.The Bank wants the UK's financial sector to "support the transition read the full article →

New Paradigm to educate on parametric risk transfer at new conference

There has been an exponential increase in awareness and understanding of parametric insurance, reinsurance and risk transfer solutions in recent years, but still education is lacking among protection buyers which has led specialist New Paradigm Underwriters to launch its own conference on the subject.Artemis and sister publication Reinsurance News are read the full article →

CCRIF enlarges parametric risk pool as members renew, expand coverage

All Caribbean members of the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have elected to renew their parametric disaster insurance coverage under the Facility, with a number also expanding their protection, resulting in further growth of the CCRIF risk pool.At the June 1st renewals, all Caribbean government participants read the full article →

CCRIF to expand parametric insurance cover to utilities risk & drought

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is seeking a further expansion of its range of parametric insurance products for the region, with utilities such as energy firms and drought coverage both potential avenues it is exploring.Speaking at a conference in the Caribbean last week, CCRIF Chief Executive read the full article →