Parametric insurance news

Vortex Insurance Agency, a specialist insurtech that offer parametric insurance and weather risk transfer products, backed by MS&AD group’s Mitsui Sumitomo and a subsidiary of MSI GuaranteedWeather, has taken its parametric supplemental hurricane insurance product online.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has teamed up with the Institutes RiskStream Collaborative to put parametric reinsurance trigger data processes and validation on a blockchain, claiming a first.

Gianfranco Lot, Chief Underwriting Officer (CUO) of P&C Reinsurance at Swiss Re, has highlighted the importance of the insurance-linked securities (ILS) market in helping to close the protection gap, noting that the sector is evolving in a positive manner. Speaking recently during reinsurance giant Swiss Re’s 2023 Media Dialogue, Lot commented on the role of […]

Reask, a tech company that provides catastrophe modelling, climate analytics and data using machine learning techniques and artificial intelligence, is set to expand to the United States and will use the now $6.55 million seed funding it has accumulated, as it looks to expand its extreme weather modelling services.

The fact capacity and capital was tight in the catastrophe bond market at the time of the issuance of the $350 million of IBRD – Chile 2023 cat bond notes drove the World Bank team to look to traditional re/insurers and the issuance of simultaneous catastrophe swaps, resulting in much stronger execution for Chile.

Skyline Partners, a UK-based insurtech managing general agent (MGA) focused on parametric insurance and risk transfer has announced a partnership with satellite and space data specialists Spire Global, as it looks to bring satellite observations into the triggers for its parametric products and to expand its product offering to new lines of business.

Aon has announced the hiring of Cole Mayer from Swiss Re, with the executive joining the broker to lead a global center of excellence for parametric products, reporting to Aon Securities CEO Paul Schultz.

A new parametric earthquake catastrophe bond transaction with a $100 million initial target, named Acorn Re Ltd. (Series 2023-1), will be the first in this series where its coverage will overlap with an existing issuance, presumably reflecting a desire to stagger maturity of catastrophe reinsurance coverage for the beneficiaries.

Broker WTW said today that the innovative parametric hurricane insurance program to protect the Mesoamerican coral reef has been expanded again, with AXA Climate as the sole capacity provider and a refined parametric trigger structure utilised this year.

London headquartered specialty insurance and reinsurance firm Beazley has teamed up with Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, to deliver a range of parametric climate and weather risk transfer products to clients.