Parametric insurance news

Intangic MGA, a newly launched cyber insurance focused underwriter, has developed a clever hybrid parametric cyber risk transfer product, with capacity backing from AXA XL.

The African Risk Capacity (ARC), a provider of parametric disaster insurance products, has signed a first-of-its-kind multi-year, multi-peril agreement with the Government of Djibouti, designed with the help of parametric specialist Descartes Underwriting to protect the lives and livelihoods of one of the most climate-vulnerable communities on the African continent.

The Republic of Chile is clearly seeing strong investor demand for its new IBRD – Chile 2023 parametric earthquake catastrophe bond, with the World Bank IBRD issued transaction set to increase again, with between $325 million and $350 million now targeted.

The Republic of Chile has lifted the target for protection from its new IBRD – Chile 2023 parametric earthquake catastrophe bond to as much as $300 million, a potential doubling in size for the World Bank IBRD issued transaction.

Thanks to the use of high-resolution data inputs and observations, the parametric trigger for a newly structured New York City neighbourhood parametric flood insurance pilot comes with reduced basis risk, ICEYE has explained.

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 launched a new parametric supplemental hurricane coverage option, to better protect small and medium-sized US businesses against major hurricane events.

Reinsurance firm Swiss Re, broker Guy Carpenter and insurtech ICEYE are all engaged in delivering a pilot parametric community flood insurance scheme for New York City neighbourhoods.

Swiss Re Corporate Solutions has collaborated with re/insurance broker Aon and the International Finance Corporation (IFC) to develop an innovative parametric earthquake insurance solution for a hydroelectric power station in Nepal.

Chile’s new catastrophe bond will sit as a key component of a new catastrophe risk management strategy that the country is putting into place, with the proposed $150 million or greater parametric IBRD – Chile 2023 cat bond transaction set to play a key financing role for less frequent, but more severe earthquake events, Finance […]

The Republic of Chile is aiming to secure $150 million of parametric earthquake disaster insurance protection through a new IBRD – Chile 2023 transaction that is being issued by the World Bank’s multilateral development bank, the International Bank for Reconstruction and Development (IBRD).