Parametric insurance news

African Risk Capacity Limited (ARC Ltd.), the financial affiliate and parametric insurance underwriting entity of the African Risk Capacity (ARC) Group, is continuing to expand its risk pool, with the latest addition being Ghana, whose government has just purchased its first sovereign parametric drought insurance policy.

African Risk Capacity Ltd. has provided parametric insurance and Munich Re has provided parametric reinsurance to support an innovative disaster-adapted loan offering from the West African Development Bank (BOAD).

The use of risk transfer and insurance arrangements are seen as a supporting mechanism for unlocking capital to power net zero and to protect natural assets, with scaled up use of parametrics seen as key, according to a new report from Howden and Pollination Group.

A joint report published by insurance giant Generali and the United Nations Development Programme (UNDP) highlights parametric risk transfer and insurance as a key solution that can help to close the US $1.8 trillion protection gap.

There is a new parametric earthquake catastrophe bond transaction in the market, the fifth in the series of Acorn Re deals. But for the first time this $400 million Acorn Re Ltd. (Series 2024-1) issuance features two tranches of notes, each with a different duration of coverage, Artemis has learned.

Amwins, the insurance origination and distribution specialist, has partnered with insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, to launch a new product targeted at California Municipalities.

After hurricane Milton skirted the northern Yucatan peninsula of Mexico without making a landfall it is now presumed that the $125 million Class C notes of the IBRD CAR Mexico 2024 catastrophe bond are safe and will not suffer a loss.

Hurricane Milton is now a Category 4 storm with sustained winds of 155 mph at the latest NHC update. With the central pressure now estimated at 933 mb and a track that will see Milton getting very close to the northern Yucatan peninsula, it has brought the Class C notes of the IBRD CAR Mexico […]

A new parametric insurance startup has been launched named Adaptive Insurance with an initial product that protects against power outages, one of the first companies to emerge from climate tech incubator Montauk Climate.

Liberty Mutual Reinsurance (Liberty Mutual Re) has again partnered with seismic sensor tech-provider Safehub to provide what they are calling the first sensor-based parametric earthquake insurance cover in the United States, with the policyholder being the University of California.