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Parametric insurance has existed for at least three decades but continues to gain traction within the market as a way to secure insurance coverage in a responsive and effective manner.
Parametric insurance involves a risk transfer being structured with a parametric trigger that defines the payout occurrence, typically based on an event parameter, such as wind speed, or earthquake intensity.
Parametric insurance and parametric triggers are now utilised widely across multiple classes of business and innovative structures are launching all the time.
After the onslaught of hurricane Beryl in the Caribbean, it transpires that the reinsurance program backing the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has been triggered, with the Natural Disaster Fund (NDF) one of those channelling capital to support CCRIF payouts made.
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The Natural Disaster Fund (NDF), a public-private partnership funded by UK and German governmental entities and managed by Global Parametrics, has made US $1.45 million in payouts in Grenada after a windspeed cat-in-a-polygon parametric arrangement was triggered by hurricane Beryl.
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Jamaica’s recovery from the impacts of major hurricane Beryl is set to benefit from an additional roughly US $10.3 million payout by the CCRIF SPC, after the storm triggered its excess rainfall policy under the parametric risk transfer facility.
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Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, has secured a $50 million cover for a US retailer, with the assistance of Aon, Howden and with a range of re/insurers backing the deal.
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Reinsurance broker Guy Carpenter is rolling out a new parametric flood product that has been designed to enable risk transfer for large portfolios of exposure across wide-areas. The FloodShield triggers are structured with the help of Floodbase, KatRisk, and ICEYE, plus this could be a solution that utilises ILS market capacity in future.
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Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with One Acre Fund to provide smallholder farmers in Zambia and Malawi with financial protection against the adverse impacts of drought on their crops.
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Grenada is set to receive a payout of approximately US $44 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl battered the Caribbean country, triggering its parametric tropical cyclone, fisheries, and excess rainfall policies.
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Jamaica is set to benefit from an approximately US $16.3 million payout from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl triggered its parametric tropical cyclone insurance policy.
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According to sources, after hurricane Beryl came very close to triggering Jamaica’s $150 million IBRD CAR Jamaica 2024 catastrophe bond, there has been a slight decline in where it is marked on some pricing sheets, but this is thought only to account for minor uncertainty related to the potential for its track and meteorological data […]
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While Jamaica won’t receive a payout from its catastrophe bond after hurricane Beryl passed close to the island but was not intense enough, or a direct hit, to activate that structure’s trigger, the fact the country has a multi-layered disaster risk financing strategy means liquidity is available, the country’s Minister of Finance Dr. Nigel Clarke […]
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