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Meteo Protect launches parametric weather risk transfer API

Meteo Protect, the specialist parametric and weather index insurance underwriting agency that is a Lloyd’s of London coverholder, has launched an innovative API (application program interface) to its parametric insurance products, allowing anyone to launch a parametric insurance program more simply.An API (application program interface) provides an interface, typically technology read the full article →

ARC & Africa CDC team on parametric outbreak & epidemic insurance

The African Risk Capacity (ARC) has teamed up with the Africa Centre for Disease Control (Africa CDC) to further its work on a parametric index to support outbreak and epidemic insurance and risk transfer at the sovereign level.ARC has been working on developing an outbreak and epidemic risk transfer offering read the full article →

Risk managers & C-Suite lack understanding of parametric risk transfer

The insurance and reinsurance industry has much more to do to promote parametric risk transfer and other alternative risk strategies, as both risk managers and the C-Suite of major corporations lack a clear understanding of its benefits.The increasing availability and abundance of data and advanced analytics tools, combined with alternative read the full article →

Climate risk data needs linking to insurance & risk-transfer process

Climate risk data should be linked to the insurance, reinsurance and risk transfer process through the use of technology and risk models, placing it and financial products at the heart of climate adaptation and resilience efforts.A new background paper from academics and insurance sector specialists highlights the importance of continued read the full article →

Macau pilots parametric typhoon cover, reinsured by China Taiping

Macau, the autonomous region on the south coast of China, is piloting a parametric activated typhoon insurance product that will pay out only after typhoon warnings reach severe levels, with reinsurance backing the pilot from Hong Kong based China Taiping.The new typhoon insurance product has been designed for small and read the full article →

ARC sells first replica parametric policies to WFP & Start Network

The African Risk Capacity (ARC), an organisation providing parametric sovereign disaster risk insurance and resilience building support to African nations, has sold its first replica coverage policies for drought to the World Food Programme (WFP) and the Start Network.ARC launched the so-called "replica coverage initiative" back in 2015, hoping to read the full article →

Swiss Re CorSo launches digital parametric risk transfer platform

Swiss Re Corporate Solutions' Innovative Risk Solutions team, a division of reinsurance giant Swiss Re, has launched a digital parametric natural catastrophe platform in the U.S. for the small and medium-sized enterprise (SME) market, called Parametric Online Platform ("POP") STORM.Parametric risk transfer mechanisms are a common feature of insurance and read the full article →

New York’s climate change bill sets stage for risk transfer

New York state has seen new legislation on climate change adaptation making rapid progress through lawmaking channels and the Climate Leadership and Community Protection Act includes signs that risk transfer is on the agenda.New York has been hailed as taking the lead on climate change related issues with its "green read the full article →

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 →