Parametric insurance news

Sources tell us that the parametric tropical cyclone insurance coverage provided to some of the islands of Grenada, St Vincent and the Grenadines by the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is likely to be triggered and payout within the usual two week period.

With major hurricane Beryl churning across the Caribbean towards Jamaica, the country’s Minister of Finance Dr. Nigel Clarke has highlighted the importance of robust disaster risk financing and responsive parametric risk transfer arrangements that are in-place, including its World Bank catastrophe bond.

The latest update from the National Hurricane Center on major hurricane Beryl has seen a notable shift in the forecast track that would take the storm closer to Jamaica with 120 mph or greater winds, a scenario that puts Jamaica’s World Bank catastrophe bond firmly on-watch and we’re told offers in the secondary market have […]

Descartes Underwriting, the parametric insurance and data-driven risk transfer specialist managing general agency (MGA) and insurer, has announced a re-organisation of some of its top executive team, as it sets out a platform for accelerated growth.

Climate insurtech company IBISA has announced a $3 million funding round to help it scale its parametric insurance solutions for weather-related risks in Asia and Africa.

Global Parametrics, the parametric and index-based disaster risk transfer specialist owned by CelsiusPro AG, has mobilised some of the risk capacity to support the renewal of a parametric tropical cyclone insurance cover for the Mexican state of Quintana Roo, via the Natural Disaster Fund (NDF).

The World Bank has now facilitated and issued over US $4.8 billion in catastrophe bonds across 17 transactions we have covered over the years, with $745 million issued over the course of just a few weeks in 2024 to support Mexico and Jamaica’s disaster risk transfer and financing needs.

The Government of Puerto Rico’s Autoridad de Asesoría Financiera y Agencia Fiscal (Fiscal Agency and Financial Advisory Authority) has secured $282 million of parametric disaster insurance cover, with the recent $85 million Puerto Rico Parametric Re Ltd. (Series 2024-1) catastrophe bond seen as a key component that opens the door to the capital markets.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by former Universal founder and CEO Bradley Meier, has begun offering a parametric retrocession product that is underwritten via its recently launched Lloyd’s syndicate.

CatX, a digital catastrophe and parametric risk exchange start-up, has announced that James Robinson, a Bermuda-based technology expert who previously worked in data science at re/insurer Hamilton, has been appointed to the CatX Bermuda board.