Parametric insurance news

Hiscox Re ILS deployed capacity into the recent renewal of the Philippines sovereign parametric disaster insurance facility, adding to the amount of third-party capital now backing this risk transfer program.

Indonesia’s government continues to have discussions regarding the use of catastrophe bonds as a disaster risk financing tool to better protect the country against the impacts of earthquakes and tsunamis. Last October it was reported that the Indonesian Finance Ministry had engaged with global agencies that could assist the country in sponsoring its first catastrophe […]

The Philippines, the Asian Development Bank and private market entities are working to develop a parametric disaster insurance pooling facility for Philippine cities to buy protection from, backed by reinsurance and capital markets funding.

The recently renewed Philippines parametric natural disaster insurance cover was completed at $390 million in size, around double the prior year, and the World Bank has confirmed that work is underway to issue a catastrophe bond to extend disaster protection for the country.

Reinsurance firm Swiss Re continues to expand its parametric risk transfer activities, this time with the launch and backing of the first county-level natural catastrophe index insurance product in China.

The CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric risk pool to include Panama, as the Central American country joins the provider of parametric sovereign disaster risk transfer products and signs up for excess rainfall protection.

Commercial risk transfer and corporate insurance solutions provider Swiss Re Corporate Solutions has launched a new parametric product designed to protect European companies that are exposed to high or low water levels.

Insurance-linked securities (ILS) investment fund manager Nephila Capital and Swedish state sector pension fund AP3 have both backed a near $390 million renewal for the Philippines regional parametric disaster insurance program.

New funding from Germany through KfW is set to enhance the affordability and utility of parametric sovereign disaster risk transfer products offered through the CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) to Caribbean and Central American countries.

Insurance and reinsurance broker Aon aims to help corporates cover the intangible, with the launch of a new Non-Damage Business Interruption (NDBI) product that can utilise parametric indices, promising to respond to the evolution of business models and what matters most to globally active corporations.