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Tonga gets parametric disaster insurance payout for cyclone Harold

The Pacific Island nation of Tonga is to receive a $4.5 million payout from its parametric disaster insurance policy with the Pacific Catastrophe Risk Insurance Company (PCRIC), the largest payout to date from the regional catastrophe insurance facility. The Pacific Catastrophe Risk Insurance Company (PCRIC) is a regional catastrophe insurance platform read the full article →

Cooper Gay acquires Meteo Protect, Gabriel Gross to lead new parametric unit

Cooper Gay France, the European broker and wholesale managing general agency (MGA) that is part of the BGC Partners broking group, has acquired the Meteo Protect brand and technology, the specialist parametric and weather index insurance underwriting agency and Lloyd's coverholder, we can reveal. Meteo Protect is a leading specialist in read the full article →

Data-driven glimpse of the re/insurance future: Parametric cargo cover from Parsyl

Every so often some new insurance or reinsurance product, or strategy, emerges that shows us a glimpse of the future of this marketplace, often driven by technology, data and the use of parametric triggers. The latest product to do so is one launched by insurtech start-up Parsyl Inc. this week, which read the full article →

Global Parametrics puts NDF capacity behind Arbol-powered weather risk pilot

Global Parametrics, the parametric and index-based disaster risk transfer company, is putting capacity from the Natural Disaster Fund (NDF) that it manages behind a new weather insurance pilot for coffee farmers in Costa Rica that is powered by Arbol's technology and smart contract driven marketplace for weather risk transfer. To launch read the full article →

AXA Climate uses VanderSat data for parametric drought & soil moisture insurance

AXA Climate, the parametric specialist risk transfer unit of global insurance and reinsurance company AXA, has partnered with Dutch satellite technology firm VanderSat on a range of products to enable drought and soil moisture related exposures to be hedged. AXA Climate will utilise data sourced from VanderSat's microwave data from satellites read the full article →

African Risk Capacity (ARC) to add parametric coronavirus insurance

The African Risk Capacity (ARC), a parametric sovereign disaster risk insurer for African nations, is planning to add coronavirus protection to its planned outbreaks and epidemics parametric insurance product, which it aims to have available from 2021. The work to develop a protection product based on a parametric index to support read the full article →

Pandemic parametric triggers Q&A with Tom Johansmeyer, PCS

Pandemic protection. Is it included, excluded, or even mentioned in a policy or program? Even if it is, is the coverage responsive enough to really help the protection buyer, or should parametric solutions be looked at? If so, how to ensure they are robust? At a time when interest in pandemic read the full article →

Super launches direct to consumer parametric LatAm quake cover

A new direct to consumer parametric earthquake insurance product has been launched for the Latin America market by Super Seguros Inc., with reinsurance backing from global player Munich Re. Super Seguros, acting through its subsidiary which has become Mexico's first approved insurance managing general agent (MGA), launched Super Temblor© as the read the full article →

World Bank assists on parametric Asian infrastructure disaster insurance pool

The World Bank is working alongside the governments of Singapore and Japan to establish a disaster insurance pool to cover infrastructure risks for Asian countries, with the facility set to provide coverage from later this year. The infrastructure focused disaster insurance facility is expected to be managed by the Southeast Asia read the full article →

Parametric FloodFlash pays out a day after storm Ciara. Another glimpse of the future?

The promise of parametric triggers has always been faster claims payouts, with no lengthy assessment process and while many examples payout within days of a triggering event, the fastest we've seen following a true weather catastrophe is the payouts made within a day of windstorm Ciara by insurtech FloodFlash. Bringing together read the full article →