Parametric insurance news

The Start Network, an international network of non-governmental humanitarian organisations, is partnering with the Insurance Development Forum (IDF) on the creation of a new financial service for the humanitarian sector, with parametric triggers and risk pooling at its heart.

McKenzie Intelligence Services (MIS), a geospatial information, insurance and reinsurance intelligence provider, is to be the sole trigger data provider for parametric insurer Yokahu when it launches a string of hurricane and tropical cyclone parametric insurance products.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has opened its first office in London as it targets regional growth and improved access to international risks in the London market.

Parameter Climate, a parametric risk transfer and climate focused underwriter launched by well-known industry executive Marty Malinow, has received backing from specialty insurance and reinsurance player SiriusPoint, which has made an investment into the company.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced a partnership focused on developing better parametric flood insurance triggers with satellite data firm ICEYE.

Parametric risk transfer is increasingly seen as a way to carve out segments of an expensive traditional insurance product to make something more inclusive, affordable and importantly responsive available to more people.

Swiss Re Corporate Solutions, the commercial risk focused arm of the global reinsurance firm, has partnered with a provider of compact internet-connected seismographs in Japan, enabling it to use more responsive, in-situ, parametric trigger data sources.

Climate change has to become the greatest priority for the disaster risk financing space, meaning it is time to “shift the disaster risk architecture”, according to CEO of parametric risk pool and insurer the African Risk Capacity (ARC) Lesley Ndlovu.

Neptune Flood, a flood insurance specialist that uses artificial intelligence technology to provide its products, is branching out into parametric insurance with the acquisition of California earthquake specialist Jumpstart Insurance Solutions.

The Howden insurance and reinsurance broking group is doubling-down on the example set by the Danish Red Cross with the first disaster relief catastrophe bond and aims to expand the use of private capital in the sector, unlocking it for social good.