Parametric insurance news

AXA Climate, the parametric specialist risk transfer managing general agent (MGA) unit of global insurance and reinsurance company AXA, has selected the HWind product from risk modeller RMS to use as a trigger data provider for parametric insurance policies.

Technology-led underwriter of parametric risk transfer, climate and weather insurance business, Arbol, has today reported that it transacted more than $100 million in gross written premium (GWP) in the first half of 2022.

Descartes Underwriting, an insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has launched a new office in Germany as it looks to expand its parametric coverage across the DACH region.

Given the hardening of pricing across natural catastrophe reinsurance markets and renewals, the analysts at RBC Capital Markets have asked whether a de-commoditisation of nat cat risk is currently underway?

The African Risk Capacity (ARC), a provider of parametric disaster insurance products to countries and now other entities in Africa, wants to become the continent’s disaster risk financing provider of choice, but increasing its capacity and lowering-costs for country members remains key.

The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has launched new parametric snow insurance covers that are financially supported through derivatives agreements with ILS fund manager Nephila Capital, as well as new reinsurance agreements.

Building on last year’s launch of a solution to help corporations better manage climate risk and climate change exposure, with the help of parametric risk transfer to captive insurance structures, Arbol has now launched a new climate risk focused parametric insurance captive in Connecticut.

Raincoat, an insurtech that develops scalable embedded climate insurance products with parametric triggers, has raised a $4.5 million seed round to help it build-out its mission to provide climate disaster insurance for a new era.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its risk pool by 10% year-on-year, as its member governments renewed $1.2 billion of parametric insurance coverage against catastrophe, climate and seismic perils.

Water levels in Germany’s river Rhine have dropped to levels that are now concerning shipping and transport companies, as well as those looking to trade and receive goods using the waterway, with levels forecast to decline close to where we understand parametric triggers for insurance have been set.