Parametric insurance news

Blue Marble Microinsurance (Blue Marble) said it has renewed and expanded the weather index insurance scheme for smallholder coffee farmers in Colombia that it launched in 2018 in cooperation with Nespresso.

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has launched a new set of web-based tools that will provide its members with greater visibility of the real-time data used as inputs to their parametric catastrophe insurance policy triggers.

CelsiusPro AG, a Switzerland headquartered weather index insurance and parametric risk transfer specialist, has announced the hiring of Lea Mueller to lead its consultancy and advisory offering.

Meteo Protect, the specialist parametric and weather index insurance underwriting agency that is a Lloyd’s of London coverholder, has launched an innovative API (application program interface) to its parametric insurance products, allowing anyone to launch a parametric insurance program more simply.

The African Risk Capacity (ARC) has teamed up with the Africa Centre for Disease Control (Africa CDC) to further its work on a parametric index to support outbreak and epidemic insurance and risk transfer at the sovereign level.

The insurance and reinsurance industry has much more to do to promote parametric risk transfer and other alternative risk strategies, as both risk managers and the C-Suite of major corporations lack a clear understanding of its benefits.

Climate risk data should be linked to the insurance, reinsurance and risk transfer process through the use of technology and risk models, placing it and financial products at the heart of climate adaptation and resilience efforts.

Macau, the autonomous region on the south coast of China, is piloting a parametric activated typhoon insurance product that will pay out only after typhoon warnings reach severe levels, with reinsurance backing the pilot from Hong Kong based China Taiping.

The African Risk Capacity (ARC), an organisation providing parametric sovereign disaster risk insurance and resilience building support to African nations, has sold its first replica coverage policies for drought to the World Food Programme (WFP) and the Start Network.

Swiss Re Corporate Solutions’ Innovative Risk Solutions team, a division of reinsurance giant Swiss Re, has launched a digital parametric natural catastrophe platform in the U.S. for the small and medium-sized enterprise (SME) market, called Parametric Online Platform (“POP”) STORM.