Parametric insurance news

Ascot Group, the specialist global re/insurance underwriter owned by Canadian pension allocator CPP Investments, has set up a dedicated global capability in parametric risk transfer, to offer products that are complementary to its property insurance and reinsurance offering.

The Government of Jamaica has returned to the catastrophe bond market as anticipated, with an initial target to secure at least $150 million in parametric named storm disaster insurance protection from the capital markets through this IBRD CAR Jamaica 2024 cat bond, to cover the country over four hurricane seasons.

The Government of Mexico has now secured the upsized target of $420 million of parametric disaster insurance protection against earthquakes and Atlantic hurricane through its new World Bank facilitated IBRD CAR Mexico 2024 catastrophe bond transaction, Artemis can report.

Risk modelling company Moody’s RMS has partnered with reinsurance brokerage firm Augment Risk to help serve clients looking to benefit from parametric reinsurance solutions, including large corporates with captives, Lloyd’s syndicates, and insurance-linked securities (ILS) funds.

The Government of Mexico has increased the target size for its latest catastrophe bond, with now up to $420 million of parametric disaster insurance protection for earthquake and hurricane events being sought from the World Bank facilitated IBRD CAR Mexico 2024 transaction.

International specialty insurance and reinsurance group Chaucer has announced its entry into the parametric weather risk transfer space, with the launch of a cover for weather-driven non-damage business interruption.

Martin Hotz, Head Parametric Nat Cat, Swiss Re Corporate Solutions, has suggested there is “strong potential” for the capital markets to continue to play an important role in the parametric space.

Global insurance broking group WTW will receive funding from the U.S. Agency for International Development (USAID) to develop a pilot facility that will enable the U.S. Development Finance Corporation (DFC) to offer parametric insurance designed to protect its direct loans to private enterprises from climate risks.

AXA Climate, the specialist weather, climate and parametric risk transfer unit of the AXA Group, is partnering with catastrophe modelling, climate analytics and data specialist Reask, with a goal to make parametric risk transfer for cyclones faster and more accurate.

We reported earlier this week that the Government of Mexico is back in the catastrophe bond market with a new World Bank facilitated IBRD CAR Mexico 2024 parametric catastrophe bond. That deal is missing one of its usual components, a Pacific hurricane tranche, but sources tell us to expect one, once any recovery from hurricane […]