Parametric insurance news

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.

Insurance and reinsurance broking group Howden has partnered with Everbridge Inc., a provider of event management and warning solutions, to work together with a goal of making parametric risk transfer more useful, speeding payouts and integrating insurance capital into disaster resilience and relief.

For the developing world and countries highly exposed to climate related risks, resiliency and food security need to go hand-in-hand to enable better responses to climate disasters and the African Risk Capacity (ARC) has partnered with the Afreximbank to provide both together.

The Lloyd’s insurance and reinsurance market has announced the launch of a retail parametric cyclone insurance product for Northern Australia, with backing from stalwart markets Beazley, AXA XL, Hiscox and RenaissanceRe.

A new parametric insurance managing general agency (MGA) has been launched by K2 Insurance Services, with a recognised expert Scott Carpinteri, who was previously at Swiss Re Corporate Solutions, taking the helm.

The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has partnered with Canopius owned MGA and insurance API platform Vave to offer parametric extreme temperature insurance to commercial property owners.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced a new partnership that aims to revolutionise the way parametric earthquake risks are transferred.

Parameter Climate, the parametric risk transfer and climate focused underwriter launched by well-known industry executive Marty Malinow, has added some new hires, all of which have previously worked at Sompo International in its weather risk and parametric risk transfer operations.

ICEYE, a provider of satellite data for decision-making and analysis, and McKenzie Intelligence Services (MIS), a geospatial information, insurance and reinsurance intelligence provider, have teamed up to deliver portfolio-level property loss estimates for flood events to the Lloyd’s market.

Arbol, a technology-led company focused on parametric risk transfer and weather insurance markets, has announced the formation of Arbol Underwriters Ltd. (AUL), a registered insurance agent based in Bermuda, that will focus on matching reinsurance capacity with parametric insurance risks.