Parametric insurance news

ICEYE, a provider of satellite data and services to inform decision-making and analysis, has announced that its satellite data and imagery will be explored to provide the inputs to support the parametric insurance trigger for a recently announced UNDP backed project in Ghana.

The country of Madagascar is the latest to benefit from a payout under its parametric drought insurance coverage from the African Risk Capacity (ARC), with almost $800k to be disbursed to the government.

K2 Insurance Services LLC’s parametric insurance managing general agency (MGA) K2 Parametric has announced a capacity partnership with insurer Homesite, which will see it offering parametric peak natural catastrophe peril protection in the United States.

Broking group WTW, working with the Mesoamerican Reef Fund and InsuResilience Solutions Fund, has announced a renewal and expansion of the innovative parametric hurricane insurance program to protect the coral reef, while adding additional capacity from reinsurance firm Munich Re.

The government of the Philippines is said to be looking at sources of reinsurance capital to underpin the Philippine Crop Insurance Corporation (PCIC) scheme, while parametric triggers are also being explored to make the coverage more widely available and responsive.

Henan Province is the latest in China to announce a pilot program for parametric catastrophe insurance, with an initial focus on extreme rainfall and flood coverage.

According to the local insurance regulator, extreme levels of rainfall in China have triggered parametric catastrophe insurance payouts for 16 cities in the province of Guangdong.

Gallagher Re, the reinsurance broking arm of the broader Gallagher group, has announced the hiring of Antoine Bavandi who joins the company from the World Bank to lead a new practice focused on the public sector, parametric risk transfer & climate resilience solutions.

Insurance and reinsurance broking giant Aon has hired Colin Harper as Managing Director, Alternative Risk Transfer and Innovation, a position that will see him having a parametric insurance and risk transfer focus.

Speedwell Climate, a leading provider of weather, catastrophe and climate data, indices and settlement services, has teamed up with the European Power Exchange (EPEX SPOT) on the launch of a set of weather-based power indices to provide risk management and hedging opportunities to the renewables sector.