Parametric insurance news

The direct to consumer parametric earthquake insurance product offered by Super Seguros Inc. in the Latin American market was triggered by the recent M7.0 quake that struck the Acapulco region of Mexico, its founder told Artemis.

Research from Ceres, the non-profit focused on sustainability challenges such as global climate change and water scarcity and their implications, has found that major US banks have more than $250 billion of exposure to physical climate risks annually sitting in their loan portfolios.

In a positive move to accelerate and widen the roll-out of important parametric insurance products to protect against climate and disaster risks, the Government of Fiji has exempted them from value added tax (VAT).

Global Parametrics has collaborated on a new climate risk transfer product that integrates parametric risk transfer with the provision of debt financing to microfinance organisations and initiatives.

Swiss Re Corporate Solutions, the large commercial risk specialist unit of the global reinsurance firm, has already settled one parametric insurance claim, after a clients parametric trigger was breached by hurricane Ida’s wind speeds.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made a US $2.4 million payout to Trinidad & Tobago after the Caribbean nations parametric excess rainfall insurance policy was triggered recently.

Swiss Re Corporate Solutions, the large commercial risk specialist unit of the global reinsurance firm, is expanding the utility of its parametric tropical cyclone insurance product with the help of Reask, a climate analytics and data company that uses machine learning techniques.

The government of Indonesia has launched a new disaster risk pooling facility that will initially have more than US $500 million of capacity available to help pay for the economic costs of natural catastrophes and severe weather events, but with a future goal of transferring some or all of the risk to private insurance or […]

The Government of Haiti will receive a payout of roughly US $40 million after its CCRIF parametric insurance policy was triggered by the devastating earthquake that struck the country on August 14th, with $15 million to be delivered within 7 days of the event.

The devastating earthquake that struck the Caribbean nation of Haiti on August 14th is only expected to drive insurance industry losses of around US $250 million, while we’re hearing some parametric contracts are exposed.