Parametric insurance news

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is planning for further growth, having successfully secured a huge vote of confidence by raising a $120 million Series B round.

HSCM Ventures, the insurtech focused venture capital investing arm of reinsurance and transport focused asset manager Hudson Structured Capital Management, has led a $25 million Series B round for sensor-driven parametrics coverholder Parsyl.

Swiss Re Corporate Solutions, the large commercial risk specialist unit of the global reinsurance firm, settled a parametric insurance claim within days after a clients parametric trigger was breached by recent typhoon Rai (Odette) struck the Philippines.

The Start Network, an international network of non-governmental humanitarian organisations, has purchased a US $2.5 million replica parametric insurance cover from the African Risk Capacity (ARC) to protect more than 800,000 people in Zimbabwe from drought risk.

AXA Climate, the parametric specialist risk transfer managing general agent (MGA) unit of global insurance and reinsurance company AXA, is working with risk analytics and data specialist CoreLogic to enhance and expand a parametric hail risk transfer product.

The government of Indonesia continues to work towards better management of its natural disaster risks and, with the assistance of the World Bank, there is a target to have a sovereign risk transfer or disaster insurance structure in place by 2024.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has teamed up with the United Nations World Food Programme (WFP) to link its parametric disaster insurance payouts with social protection systems in Dominica.

Capacity to support parametric pandemic risk transfer and insurance is expected to remain limited in the United States, according to broker Willis Towers Watson, but pricing has been on the rise.

Broking group Willis Towers Watson (WTW) and global reinsurance company Munich Re have executed a world-first in creating a “catastrophe wrapper” around a sovereign debt transaction.

The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has successfully raised $9 million in Series A funding as it looks to help businesses mitigate the risks of climate change.