Parametric insurance news

CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, has announced a significant acquisition as the company has purchased fellow parametric and index-based specialist Global Parametrics.

Ahead of the “The future of parametric triggers in ILS” panel discussion at our Artemis London 2023 conference, Stephen Lathrope, Global Head of Insurance at ICEYE outlines how technology is enhancing the data core of parametric solutions.

Specialty London headquartered insurance and reinsurance company Beazley has launched a parametric tornado insurance product, which it claims is the first such admitted product in the US.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has reported now surpassing $1 billion of notional risk limit transferred, while 2023 premiums written are running at a record pace.

Broking group and consultancy WTW has designed an innovative parametric insurance solution that covers the four perils of earthquake, typhoon, excess rainfall and heat stress in Sri Lanka.

Global insurance and reinsurance broker Aon has completed a hurricane and earthquake parametric insurance program for the Government of Puerto Rico, designed to lower the region’s insurance obligation to the U.S. Federal Emergency Management Agency (FEMA).

Stable, a technology company that has built an impressive business on the back of its index-based platform for commodity hedging, is to expand its scope further into parametric insurance and has launched a Bermuda domiciled Class 3A insurer to help it share in the underwriting economics.

Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with broking group Howden to deliver an expansion to its parametric insurance scheme with One Acre Fund for smallholder farmers in Africa.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced a further US $4.7 million in funding from the European Union which will help to subsidise the parametric disaster insurance of its member countries through the 2023 policy year.

Parametric insurance solutions continue to be more broadly adopted, but the technology behind their triggers is also critical and solutions are developing fast, Callum Higgins from Moody’s RMS and Martin Hotz from Swiss Re Corporate Solutions explained in a recent video interview.