Parametric insurance news

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by New Paradigm co-founder Bradley Meier, is on-track to launch a dedicated parametric syndicate at Lloyd’s.

The marketplace for parametric insurance and reinsurance is expected to remain stable in 2024, while activity levels are anticipated to be buoyant, according to broker WTW.

Insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, has partnered with commercial insurance and reinsurance broking group Oneglobal to develop parametric flood insurance solutions for the Asian region.

New technologies can serve as a bridge between the re/insurance industry and the world’s most vulnerable, and alongside the use of insurance-linked securities (ILS) and innovative solutions such as parametrics, can help to close the global protection gap, according to the Insurance Development Forum (IDF).

AXA Climate, the specialist weather, climate and parametric risk transfer unit of the AXA Group, and broker Howden are working together to implement a parametric flood insurance arrangement in Togo, which is expected to cover three cities and over 700,000 inhabitants of them.

CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, and New Zealand based primary insurance group Tower are partnering to deliver parametric cyclone insurance to Pacific nations.

A new report calls on the world to implement risk sharing systems, such as parametric triggers in insurance, reinsurance and insurance-linked securities (ILS) such as catastrophe bonds, as a central pillar of the Loss and Damage architecture required to protect the most vulnerable nations against climate, weather and natural disasters.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the launch of a UK based managing general agent (MGA) based in London, with the Lloyd’s syndicate backed entity set to underwrite global parametric business.

Strategic Risk Solutions, Inc., an independent provider of insurance, reinsurance and captive management and consulting services, has announced the launch of a managing general underwriter (MGU) named Altitude, through which it intends to offer a range of alternative risk transfer solutions, including parametric risk transfer.

Parameter Climate, the parametric climate risk transfer focused underwriter and advisor, has completed a management buyout of seed investor SiriusPoint, as the latter continues to reduce its equity ownership in program and MGA businesses.