Parametric insurance news

Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with global reinsurance firm Hannover Re to renew an innovative Yucatan, Mexico coral reef parametric insurance cover.

The African Risk Capacity (ARC) Group, a parametric sovereign disaster risk insurer for African nations, has elected a new Director-General (DG), with Ibrahima Cheikh Diong unanimously voted into the position.

MiCRO, the Microinsurance Catastrophe Risk Organisation, an index-based and parametric insurance company established in Barbados and founded by Fonkoze and Mercy Corps with the support of Swiss Re, has made payouts in two countries following the extreme rainfall caused by tropical storm Amanda earlier this season.

CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, is doubling down on the use of big-data and advanced technology to create better parametric triggers and indices for weather and natural catastrophe risk transfer.

It’s up to insurance, reinsurance and ILS market participants to improve the acceptability of parametric insurance structures across the Asia Pacific region, say industry experts at ILS Asia 2020.

Global Parametrics, the parametric and index-based disaster risk transfer company, has structured a windstorm derivative transaction for a business on remote South Atlantic island Tristan da Cunha, with the deal backed by capacity from the UK Government’s Department for International Development, through the Natural Disaster Fund (NDF).

Nephila Capital, the world’s largest ILS and reinsurance fund manager, is to provide weather risk capacity to support The Demex Group, a climate risk focused insurtech start-up, as it comes out of stealth with a mission to provide financial risk solutions to deliver greater climate resilience.

Catastrophe risk modelling specialist RMS has updated its suite of HWind hurricane forecasting products, which are part of the RMS HWind Real-Time Analysis solution.

Global Parametrics, the parametric and index-based disaster risk transfer company, has added two hires as it continues to build out its team to meet growing demands for index-based risk transfer and insurance products.

Rom Aviv, a former senior employee of insurance-linked securities (ILS ) fund manager Twelve Capital and Israeli investors IBI ILS Partners, is leading insurance for Agritask, an ag-tech and agronomics focused start-up, while Daniel Stander of RMS fame has joined the firm as a senior advisor.