Parametric insurance news

The United Nations World Food Programme (WFP) has become the first to offer so-called Replica parametric risk transfer protection to countries, as a way to secure rapid financing for humanitarian disasters, using an insurance product provided by the African Risk Capacity (ARC).

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) is set to grow its risk pool again with the addition of a new member in St. Maarten, which takes the number of members of the facility to 20 countries – 19 Caribbean governments and 1 Central American government.

The Caribbean island nation of Haiti is to receive grant funding to help pay its premiums for parametric insurance cover from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility).

Commercial risk transfer and insurance solutions provider Swiss Re Corporate Solutions, a division of the global reinsurance firm, has launched a novel parametric tsunami derivative product, designed to protect Japanese businesses against the financial impacts of tsunamis.

Nephila Climate, the weather and climate risk transfer focused unit of the largest asset manager in insurance and reinsurance linked investments, Nephila Capital, has signed up to provide indicative pricing through the Speedwell Weather run parametric weather risk transfer platform weatherXchange.

A new initiative to develop a parametric insurance product to protect and enhance the resilience of coral reefs and the communities that rely on them is being developed by Willis Towers Watson through its Global Ecosystem Resilience Facility (GERF) and the Mesoamerican Reef Fund (MAR Fund).

The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has said that it intends to “stay true” to its roots of providing parametric insurance protection, while expanding the range of products offered and continuing to provide “quick payouts.”

New parametric and index-based weather risk transfer options tailored for the real estate and hospitality sectors have been launched by units of Sompo International Holdings Ltd., the Bermuda headquartered specialty insurance and reinsurance provider.

The Microinsurance Catastrophe Risk Organisation (MiCRO), a reinsurance company established in Barbados and founded by Fonkoze and Mercy Corps with the support of Swiss Re, has launched a new parametric insurance product in El Salvador that is designed to provide business interruption coverage.

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric risk pool for the 2018-19 policy year, with the addition of two new countries, the British Virgin Islands and Montserrat who both joined the facility as of June 1st and existing members buying more protection.