Parametric insurance news

The Philippines government continues to expand the role of insurance and reinsurance markets in its disaster risk financing arrangements and to better protect its people, businesses operating in the country and government-owned assets, with the latest initiative a new catastrophe risk pool for the private sector.

A powerful magnitude 7.7 earthquake struck the Caribbean yesterday in the afternoon local time, swaying buildings as far away as Miami, Florida and causing some localised damage to countries including the Cayman Islands, Jamaica and Cuba.

Significant insurance and reinsurance industry players are backing a new non-profit start-up that aims to drive forwards the development of an open standard for sharing climate data, with the goal of enabling better design and development of climate risk related financial products along with the use of artificial intelligence.

To reach the required levels of adaptation and increase the world’s resilience to climate change, parametric insurance is critical in order to manage the long-term impacts and the transition, according to Carl Hess, Head of Investment, Risk and Reinsurance at broker Willis Towers Watson (WTW).

New Paradigm Underwriters, LLC, the Florida-headquartered specialist managing general agency focused on parametric insurance, reinsurance and risk transfer products, has announced the hiring of former Greenlight Re Deputy Chief Underwriting Officer Matthew Grunewald.

The government of the Philippines is to try again to secure bids for an indemnity reinsurance program to cover around US $19.6 billion of its state-owned assets and infrastructure, having failed to secure the necessary market interest at the first attempt.

The government of the Philippines has failed to secure the necessary bids for reinsurance support to cover roughly US $19.6 of state assets and infrastructure, according to a report.

Indices designed to facilitate the trading of weather risks related to wind power have now been added to weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather.

The use-cases for parametric triggers in insurance and reinsurance continue to expand, as parametric coverage gains in popularity and technology and data advances make more complex products possible, as evidenced by a recent launch from QOMPLX and Chaucer.

Global Parametrics, the parametric and index-based disaster risk transfer company, has launched a new natural catastrophe focused investment fund that has received backing from global reinsurance firm Hannover Re and the German government.