Parametric insurance news

The United Nations Development Programme (UNDP) has announced a partnership on parametric insurance development for the most vulnerable with global insurer and asset management group Generali this morning.

The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has launched a new climate appraisal service that is designed to provide an assessment of climate-driven risk and provides an input to help companies hedge their climate exposure.

More than 204,000 people in drought-affected parts of Mali are set to benefit from a $7.1 million payout by the African Risk Capacity (ARC) to the United Nations World Food Program (WFP), an ARC replica technical partner which has been subscribing to the climate insurance policy in Mali since 2017.

The African Risk Capacity (ARC) has now presented the Government of Madagascar with a “symbolic” $10.7 million cheque after the impacts of tropical cyclone Batsirai triggered the country’s parametric tropical cyclone insurance coverage.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is partnering with Reask, a climate analytics and data company that uses machine learning techniques.

Arbol, the technology-led underwriter of parametric risk transfer, climate and weather insurance business, has reported transacting an impressive $70 million in gross premium through its first full-year of operations in 2021.

The Government of Viet Nam, through its Ministry of Finance, has signed a Memorandum of Understanding (MoU) to become the eighth member of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).

The African Risk Capacity (ARC) will make a US $10.7 million payout to the Government of Madagascar after recent severe tropical cyclone Batsirai triggered the coverage the country has from the parametric insurance risk pooling facility.

Parametric risk transfer specialist New Paradigm Group, LLC has announced the hiring of industry veteran Mark Groenheide as Senior Vice President & Director of Specialty Insurance Programs.

Catastrophe bonds and parametric insurance have both been highlighted by the President of the Caribbean Development Bank (CDB) in a speech laying out priorities for 2022 and a plan for marshalling financing to support regional economies.