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FEMA urged to use parametric triggers & ILS to drive insurance penetration

The U.S. Federal Emergency Management Agency (FEMA) is being urged to explore the use of parametric triggers as well as insurance-linked securities (ILS) to help drive increased insurance penetration for flood and other natural hazards and enable better financed disaster recovery.With a goal of increasing financial preparedness among both householders read the full article →

Indonesia gets $770m natural disaster insurance for state assets

Indonesia’s government has reportedly secured approximately US $770 million of natural disaster insurance coverage for state buildings and assets, as the country begins to implement its plans to transfer some of the financial risk of catastrophes to private insurance and reinsurance markets.Indonesia has been struck by a number of catastrophes read the full article →

Significant opportunities for parametric growth, say Descartes execs

Recent developments in the re/insurance and ILS markets have resulted in a significant expansion of parametric solutions, and executives at Descartes Underwriting believe many opportunities for further growth are now available to companies offering these kinds of products.Tanguy Touffut, CEO & Founder at Descartes Underwriting, and Edern Le Roux, Head read the full article →

ARC pays Côte d’Ivoire $745k after rainfall deficit triggers parametric cover

The African Risk Capacity (ARC) has now made a payout of $745,000 to the Government of Côte d’Ivoire after a deficit of rainfall during the growing season triggered the countries parametric insurance policy.ARC had been aiming to pay the country $738,835, but the final payment came out slightly higher at read the full article →

Parametric MGA Skyline Partners joins weatherXchange as capacity provider

weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather, has added another new capacity provider for the weather hedging products available through it, in parametric managing general agent (MGA) Skyline Partners.Skyline Partners is based in London and operates with a focus on parametric insurance and risk transfer read the full article →

Blockchain based parametric weather insurance in first payouts

A blockchain based parametric weather insurance product has made its first payouts, after severe weather impacted smallholder farmers covered by the product in Sri Lanka.The parametric insurance was launched in a pilot phase a year ago, as Oxfam in Sri Lanka teamed up with insurance and reinsurance broker Aon and read the full article →

African Risk Capacity’s parametric drought payout to Senegal hits $23m

The African Risk Capacity (ARC) has now paid out over $23 million after drought triggered Senegal's parametric insurance policy with the facility.At first the African Risk Capacity (ARC) had estimated the payout would be closer to $22 million, but this week the facility actually paid $23.1 million in two amounts read the full article →

SJNK to launch parametric Japan flood insurance with sensors

Japanese primary insurance giant Sompo Japan Nipponkoa Insurance (SJNK) sees a significant business opportunity in delivering responsive flood insurance in Japan, using sensors to measure flood events and for parametric triggers to enable rapid payouts.Sompo Japan Nipponkoa Insurance (SJNK) believes it will be able to make flood insurance payouts within read the full article →

AmWINS hires Kaplan to lead on parametrics, alternative risks & capital

AmWins Group Inc., the global distributor and servicer of specialty insurance solutions, has hired Alex Kaplan (previously at Swiss Re) to lead developments of new products and capital sources, including a focus on parametric risk transfer solutions.Kaplan will take on the role of Executive Vice President for Alternative Risk, with read the full article →

ILS an “important part” of Insurance Development Forum’s work: Ekhosuehi Iyahen

The Insurance Development Forum (IDF) considers insurance-linked securities (ILS) to be an “important part” of the work it aims to do, according to Secretary General Ekhosuehi Iyahen.Speaking at a recent lecture in the Old Library at Lloyd’s of London, Iyahen said it was in the interest of the IDF to read the full article →