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Parametric risk transfer critical to address climate change: WTW’s Hess at Davos

To reach the required levels of adaptation and increase the world’s resilience to climate change, parametric insurance is critical in order to manage the long-term impacts and the transition, according to Carl Hess, Head of Investment, Risk and Reinsurance at broker Willis Towers Watson (WTW).Hess was speaking as part of read the full article →

New Paradigm Underwriters hires Grunewald, formerly of Greenlight Re

New Paradigm Underwriters, LLC, the Florida-headquartered specialist managing general agency focused on parametric insurance, reinsurance and risk transfer products, has announced the hiring of former Greenlight Re Deputy Chief Underwriting Officer Matthew Grunewald.Grunewald has joined New Paradigm as Executive Vice President, Underwriting and Risk Capital, starting in the role from read the full article →

Philippines to try again on state asset & infrastructure reinsurance

The government of the Philippines is to try again to secure bids for an indemnity reinsurance program to cover around US $19.6 billion of its state-owned assets and infrastructure, having failed to secure the necessary market interest at the first attempt.As we reported in early December, the Philippines government entered read the full article →

Philippines fails to secure state asset & infrastructure reinsurance

The government of the Philippines has failed to secure the necessary bids for reinsurance support to cover roughly US $19.6 of state assets and infrastructure, according to a report.As we reported in early December, the Philippines government had entered into a 1 trillion pesos insurance cover with its own Government read the full article →

Wind power indices for risk transfer added to weatherXchange

Indices designed to facilitate the trading of weather risks related to wind power have now been added to weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather.weatherXchange makes it easier for companies to access index-based weather risk protection, listing a range of weather risk transfer products that read the full article →

QOMPLX & Chaucer launch multi-peril parametric insurance for SME’s

The use-cases for parametric triggers in insurance and reinsurance continue to expand, as parametric coverage gains in popularity and technology and data advances make more complex products possible, as evidenced by a recent launch from QOMPLX and Chaucer.QOMPLX is a provider of intelligent decision platforms and also operates a managing read the full article →

Global Parametrics gets Hannover Re backing for new risk transfer fund

Global Parametrics, the parametric and index-based disaster risk transfer company, has launched a new natural catastrophe focused investment fund that has received backing from global reinsurance firm Hannover Re and the German government.Working with the German Federal Ministry for Economic Cooperation and Development (BMZ), the German Development Bank (KfW) and read the full article →

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 →