Parametric insurance news

Parsyl Inc., a provider of data-driven, sensor-based systems that are used in parametric risk transfer and insurance, has made a pay-out under a temperature linked policy in less than 8 hours.

Global Parametrics has designed and structured a new parametric hurricane insurance product that is now being sold in the Caribbean country of Dominica and is backed by the capital from the firms Natural Disaster Fund (NDF).

As climate change becomes a topic of increasing focus and with regulations poised to get tighter, the ability to customise parametric insurance solutions suggests that going forward, the product set is going to expand, according to industry experts.

Hillridge Technology Pty Ltd, an Australian software technology company that aims to help users address the climate protection gap, has launched a weather index insurance platform with the support of Mitsui Sumitomo Insurance and Victor Insurance Australia, a subsidiary of Marsh.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has said that at the renewals of its clients policies in advance of the 2021 Atlantic hurricane season, more than $1 billion of risk has been ceded to the facility through parametric risk transfer arrangements.

Specialist Lloyd’s insurer AEGIS London is aiming to help small businesses cover a gap in their insurance that becomes evident when an active assailant or shooter event occurs on or near their premises with the help of a parametric index.

Two recent earthquake events in Asia have triggered payouts under parametric insurance policies, further demonstrating the valuable protection a well-structured parametric trigger can provide.

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 initiative through which it aims to democratise access to climate data that is useful for risk transfer, insurance or reinsurance transactions.

The Mesoamerican Reef system which lies in the Caribbean Sea, touching the coasts of Mexico, Belize, Guatemala and Honduras, is set to benefit from an innovative parametric insurance program to protect the reef and communities that rely on it against hurricane impacts.

As part of the latest Artemis Live webcast, industry experts argued that utilizing technology will be critical in enabling the reinsurance and alternative capital markets, or ILS sector, to help hedge pandemic risk using parametric solutions.