Parametric insurance news

New Paradigm Group, LLC, the Florida-based specialist managing general agency that sells parametric insurance and reinsurance products, has received an investment to help it grow its proprietary parametric platform from global reinsurance firm TransRe.

In supporting the Pacific Island nations on their road to resilience, the World Bank aims to expand the availability of parametric disaster insurance protection, partly through the use of private capital, while expanding the range of parametric insurance products available in the region as well.

CCRIF SPC (formerly named the Caribbean Catastrophe Risk Insurance Facility) has made a parametric insurance payout of $2.5 million to Trinidad and Tobago after its excess rainfall policy was triggered by heavy rainfall in October.

The African Development Bank has announced the launch of a disaster risk facility that will aim to increase the use of climate risk financing and insurance, including parametric risk transfer solutions, for African countries.

The passage of tropical storm Kirk close to Barbados in October triggered the Caribbean nations parametric rainfall insurance policy under the CCRIF SPC, resulting in a $5.8 million payout.

The Caribbean island nation of Haiti is to benefit from a small payout from the CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility), after a recent magnitude 5.9 earthquake on October 6th activated its aggregate deductible coverage under the facility.

The CCRIF SPC (formerly called the Caribbean Catastrophe Risk Insurance Facility), the parametric disaster insurance facility serving the Caribbean and Central America, is set to make its first payout of the 2018/2019 policy year to Barbados of more than $5.8 million following the passage of Tropical Storm Kirk.

After two severe haze events that affected Singapore resulted in total economic losses of around US $1.3 billion, Swiss Re Corporate Solutions has structured a parametric insurance solution to help businesses transfer the risk of losses from future haze outbreaks.

Blue Marble Microinsurance (Blue Marble) is working with coffee company Nespresso on a pilot program to deliver weather index insurance to smallholder coffee farmers in Colombia.

The World Bank has approved a $2.5 million grant that will pay the Republic of the Marshall Islands premiums for parametric disaster insurance coverage under the Pacific Catastrophe Risk Assessment and Finance Initiative (PCRAFI).