Parametric insurance news

The Government of Mexico has increased the target size for its latest catastrophe bond, with now up to $420 million of parametric disaster insurance protection for earthquake and hurricane events being sought from the World Bank facilitated IBRD CAR Mexico 2024 transaction.

International specialty insurance and reinsurance group Chaucer has announced its entry into the parametric weather risk transfer space, with the launch of a cover for weather-driven non-damage business interruption.

Martin Hotz, Head Parametric Nat Cat, Swiss Re Corporate Solutions, has suggested there is “strong potential” for the capital markets to continue to play an important role in the parametric space.

Global insurance broking group WTW will receive funding from the U.S. Agency for International Development (USAID) to develop a pilot facility that will enable the U.S. Development Finance Corporation (DFC) to offer parametric insurance designed to protect its direct loans to private enterprises from climate risks.

AXA Climate, the specialist weather, climate and parametric risk transfer unit of the AXA Group, is partnering with catastrophe modelling, climate analytics and data specialist Reask, with a goal to make parametric risk transfer for cyclones faster and more accurate.

We reported earlier this week that the Government of Mexico is back in the catastrophe bond market with a new World Bank facilitated IBRD CAR Mexico 2024 parametric catastrophe bond. That deal is missing one of its usual components, a Pacific hurricane tranche, but sources tell us to expect one, once any recovery from hurricane […]

The Government of Mexico has returned to the catastrophe bond market, seeking $360 million or more in disaster insurance protection for earthquake and hurricane events, through a World Bank facilitated IBRD CAR Mexico 2024 parametric catastrophe bond, Artemis has learned.

The U.S. National Hurricane Center (NHC) has delivered its final tropical cyclone report for 2023’s hurricane Otis, putting the minimum central pressure of the storm at 922mb and 929mb at landfall on the Mexican coast, which we’re told still suggests the $125 million IBRD / FONDEN 2020 Class D tranche of catastrophe bond notes face […]

The African Risk Capacity (ARC), a provider of parametric disaster insurance products to countries and other entities in Africa, has now paid out more than $170 million in claims to support its members in the aftermath of natural disasters.

Insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, is partnering with African Risk Capacity Limited (ARC Ltd.) and CelsiusPro-owned Global Parametrics, to deliver parametric flood insurance programs in Mozambique and Malawi.