Parametric insurance news

Japanese primary insurance giant Sompo Japan Nipponkoa Insurance (SJNK) sees a significant business opportunity in delivering responsive flood insurance in Japan, using sensors to measure flood events and for parametric triggers to enable rapid payouts.

AmWins Group Inc., the global distributor and servicer of specialty insurance solutions, has hired Alex Kaplan (previously at Swiss Re) to lead developments of new products and capital sources, including a focus on parametric risk transfer solutions.

The Insurance Development Forum (IDF) considers insurance-linked securities (ILS) to be an “important part” of the work it aims to do, according to Secretary General Ekhosuehi Iyahen.

Citadel Energy Investments Ltd., part of the giant Citadel investment organisation, is set to provide weather risk transfer capacity through the Speedwell Weather operated parametric weather risk transfer platform weatherXchange.

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric insurance risk pool with the addition of a new member in Central American nation Guatemala.

The United Nations, the World Wide Fund For Nature (WWF) and leading global insurance and reinsurance firms are calling for the use of innovative risk transfer solutions, including parametric protection and catastrophe bonds, to protect World Heritage Sites.

The African Risk Capacity (ARC), which provides parametric disaster insurance products for countries in Africa, has signed a memorandum of understanding with the Southern Africa Development Community (SADC) Secretariat to further enhance its members disaster resilience and risk financing.

Catastrophe risk modelling specialist RMS has announced the launch of a new suite of hurricane forecasting products for the North Atlantic powered by RMS HWind.

The InsuResilience Solutions Fund, which is part of the InsuResilience Global Partnership, will fund and support the development of an index-based crop and livestock insurance solution for smallholder farmers in South Africa.

German reinsurance giant Munich Re is set to be the sponsor of the first “Syndicate-in-a-Box” to be launched under the new Lloyd’s rules that aim to make it simpler for start-up underwriting operations to access the benefits of being a Lloyd’s market participant.