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Reask helps Swiss Re CorSo expand parametric wind cover worldwide

Swiss Re Corporate Solutions, the large commercial risk specialist unit of the global reinsurance firm, is expanding the utility of its parametric tropical cyclone insurance product with the help of Reask, a climate analytics and data company that uses machine learning techniques. Reask is helping Swiss Re Corporate Solutions to expand read the full article →

Indonesia launches US $500m risk pooling facility. Risk transfer a goal

The government of Indonesia has launched a new disaster risk pooling facility that will initially have more than US $500 million of capacity available to help pay for the economic costs of natural catastrophes and severe weather events, but with a future goal of transferring some or all of the read the full article →

Haiti to get $40m as earthquake triggers CCRIF parametric insurance

The Government of Haiti will receive a payout of roughly US $40 million after its CCRIF parametric insurance policy was triggered by the devastating earthquake that struck the country on August 14th, with $15 million to be delivered within 7 days of the event. As we explained yesterday, we had been read the full article →

Haiti quake insured loss ~$250m says KCC, some parametric exposure

The devastating earthquake that struck the Caribbean nation of Haiti on August 14th is only expected to drive insurance industry losses of around US $250 million, while we're hearing some parametric contracts are exposed. Catastrophe risk modeller Karen Clark & Company (KCC) has said that economic losses from the magnitude 7.2 read the full article →

Sompo GRS launches parametric cover for epidemic & pandemic risk

Sompo Global Risk Solutions (GRS), a division of Bermuda-headquartered specialty P&C insurance and reinsurance group Sompo International, has launched a new parametric insurance product to cover epidemic and pandemic risks. The parametric insurance product will be triggered by civil authority restrictions resulting from international public health emergencies that have been declared read the full article →

Arbol’s Captive+Parametric to help corporations manage climate risk

Arbol, a technology-led company focused on parametric risk transfer and weather insurance markets, has launched an intriguing new solution named Captive+Parametric, which is designed to help corporations better manage climate risk and climate change exposure, with the help of parametric risk transfer to captive structures. Launched in Vermont yesterday, Arbol, which read the full article →

Parametric specialist Descartes opens APAC offices with new hires

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is expanding into Asia Pacific with two new offices opening in Singapore and Sydney, Australia. Descartes announced an $18.5 million Series A funding round from leading global venture capital firms last read the full article →

AXA Climate to back Mesoamerican Reef parametric hurricane insurance

In June we wrote about the launch of a project to develop an innovative parametric insurance program to protect the Mesoamerican Reef system and the communities that rely on it against impacts from hurricanes. Now, it's been announced that the insurance carrier sitting behind the parametric reef insurance policy is AXA read the full article →

CCRIF confirms parametric insurance payouts for hurricane Elsa

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has confirmed that it made a number of payouts after the passage of hurricane Elsa, as member parametric insurance policies and deductible covers were triggered, its first payouts of the 2021 hurricane season. We explained back in early July read the full article →

Hailios aims to close the hail insurance gap with parametrics & sensors

Regular readers know we love a parametric trigger where the data inputs are sensor-derived and located on-site for the insured or covered party. Hailios is doing this for hail coverage, an area where significant gaps in insurance protection are often evident. Hailios has developed its own sensor technology for sensing and read the full article →