Parametric insurance news

Global reinsurance giant Swiss Re has collaborated with Indian primary insurance carrier Tata AIG General Insurance Company Limited to provide a parametric monsoon coverage for India’s northeastern state of Nagaland.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its parametric disaster insurance risk pool to more than $1 billion, as all of its Caribbean member countries renewed their coverage and some expanded the protection they benefit from.

The Caribbean island of St Lucia has increased its participation level in the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), buying an enlarged slice of parametric disaster insurance protection for 2020.

Swiss Re Corporate Solutions (SRCS), the commercial risk taking entity of global reinsurance firm Swiss Re, has launched a parametric hail insurance product in the United States, citing the growing level of losses experienced from severe thunderstorm risks as driving the need for innovative protection.

The government of the Philippines will go back to the global reinsurance market to invite fresh bids to provide the capacity to underpin its roughly US $19.6 billion insurance of state-owned assets and infrastructure, with the application process now simplified somewhat.

RKH Reinsurance Brokers, a division of the Hyperion Insurance Group and parametric risk transfer and technology focused managing general agency (MGA) Descartes Underwriting have completed a wind risk trade for a European asset owner, using the AkinovA platform.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has partnered with primary carrier giant Generali on creation and distribution of parametric insurance products.

The Pacific Island nation of Tonga is to receive a $4.5 million payout from its parametric disaster insurance policy with the Pacific Catastrophe Risk Insurance Company (PCRIC), the largest payout to date from the regional catastrophe insurance facility.

Cooper Gay France, the European broker and wholesale managing general agency (MGA) that is part of the BGC Partners broking group, has acquired the Meteo Protect brand and technology, the specialist parametric and weather index insurance underwriting agency and Lloyd’s coverholder, we can reveal.

Every so often some new insurance or reinsurance product, or strategy, emerges that shows us a glimpse of the future of this marketplace, often driven by technology, data and the use of parametric triggers.