Find all of Artemis’ parametric insurance news, analysis and reports here.
Parametric insurance has existed for at least three decades but continues to gain traction within the market as a way to secure insurance coverage in a responsive and effective manner.
Parametric insurance involves a risk transfer being structured with a parametric trigger that defines the payout occurrence, typically based on an event parameter, such as wind speed, or earthquake intensity.
Parametric insurance and parametric triggers are now utilised widely across multiple classes of business and innovative structures are launching all the time.
The government of the Philippines continues to expand its natural catastrophe related insurance and risk transfer provisions, with the latest step being a roughly US $19.6 billion cover for certain state assets, for which it is now seeking private market reinsurance protection.
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The government of Zimbabwe has approved the purchase of a parametric drought insurance policy from the African Risk Capacity (ARC) and will also benefit from a replica cover purchased by the World Food Programme (WFP).
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Global insurance and reinsurance group AXA has launched a new phase in its climate strategy and has announced a new parametric risk transfer service called FastCat as part of its commitment initiatives.
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The U.S. Federal Emergency Management Agency (FEMA) is being urged to explore the use of parametric triggers as well as insurance-linked securities (ILS) to help drive increased insurance penetration for flood and other natural hazards and enable better financed disaster recovery.
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Indonesia’s government has reportedly secured approximately US $770 million of natural disaster insurance coverage for state buildings and assets, as the country begins to implement its plans to transfer some of the financial risk of catastrophes to private insurance and reinsurance markets.
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Recent developments in the re/insurance and ILS markets have resulted in a significant expansion of parametric solutions, and executives at Descartes Underwriting believe many opportunities for further growth are now available to companies offering these kinds of products.
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The African Risk Capacity (ARC) has now made a payout of $745,000 to the Government of Côte d’Ivoire after a deficit of rainfall during the growing season triggered the countries parametric insurance policy.
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weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather, has added another new capacity provider for the weather hedging products available through it, in parametric managing general agent (MGA) Skyline Partners.
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A blockchain based parametric weather insurance product has made its first payouts, after severe weather impacted smallholder farmers covered by the product in Sri Lanka.
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The African Risk Capacity (ARC) has now paid out over $23 million after drought triggered Senegal’s parametric insurance policy with the facility.
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