Parametric insurance news

CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, has launched ParameterPro 2.0, which is the latest iteration of its technology platform for brokers and the company says it can streamline parametric insurance structuring and modelling for them.

Talanx has now successfully secured the targeted $100 million of parametric earthquake protection from its debut catastrophe bond, as the $100 million of Maschpark Re Ltd. (Series 2024-1) notes have now been priced at the low-end of initial guidance.

According to sources, the price guidance for the debut Maschpark Re Ltd. (Series 2024-1) catastrophe bond issuance for sponsor Talanx has been narrowed towards the lower-half of the initial range that had been offered.

Ceres, a non-profit that leads a national coalition of investors, environmental organisations and other public interest groups working to address global sustainability challenges, has highlighted parametric risk transfer, catastrophe bonds and ILS as innovative tools to address increasing climate risks and build a more resilient and sustainable insurance sector.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has paid the Government of Panama US $26.7 million after the countries parametric rainfall insurance policy was triggered following a recent severe event, which takes payouts made for the current policy year to almost US $118 million.

Lockton Re, the independent reinsurance broker is working with risk modelling and data analytics specialist Verisk to develop new index and parametric triggered risk transfer solutions for climate and weather effects on agriculture.

Global specialty insurance and reinsurance managing general agent Rokstone has announced a new partnership with parametric specialist NormanMax, that will see the MGA offering a global parametric product covering earthquake, hurricane, tropical cyclone and typhoon, with additional perils set to be incorporated later.

A 2022 project under the Tripartite Agreement which was launched to help strengthen the financial resilience of flood-prone communities in Ghana, has successfully delivered two parametric insurance products: the Excess Rainfall Cover and the Flood Footprint Product.

Everest Re, the reinsurance underwriting arm of global re/insurer Everest, has announced the promotion of Emily Davis, who has been appointed as the Head of Global Specialties, a role that will see her with responsibility for parametric reinsurance solutions.

Talanx AG, the German insurance and reinsurance group, has entered the catastrophe bond market for its debut transaction, seeking $100 million or more in parametric Latin America earthquake protection through this Maschpark Re Ltd. (Series 2024-1) issuance, Artemis has learned.