Parametric insurance news

Liberty Mutual Reinsurance (LM Re) part of Liberty Mutual Insurance Group, and Safehub, a provider of seismic sensor and risk management technology, have launched a new earthquake parametric insurance solution that will help reduce basis risk for parametric re/insurance policies.

The Pacific Catastrophe Risk Insurance Company (PCRIC) has made a US $285,000 payout under a parametric insurance policy to the government of Samoa, after tsunami waves from the recent magnitude 8.8 earthquake off the coast of Russia impacted the country.

NormanMax, the US based parametric insurance and reinsurance group with a pure-parametric syndicate at Lloyd’s, has hired Yong Li from reinsurer Swiss Re as its first President for Climate and Alternative Risk Solutions, bringing significant expertise in non-catastrophe weather risk transfer and trading to the firm.

During its reinsurance renewals for 2025, US insurer Progressive added a novel parametric severe convective storm aggregate reinsurance arrangement, to provide it with responsive aggregate protection for qualifying thunderstorm, hail and tornado loss events.

Bridging the widening natural catastrophe insurance protection gap is part of building macro financial resilience, which calls for innovative solutions such as catastrophe bonds, parametric instruments and regional risk pools, according to Lesetja Kganyago, Governor of the South African Reserve Bank.

CelsiusPro, the parametric insurtech, has announced that it has appointed 15-year industry veteran Isa Ennadifi, formerly of global insurers Allianz and AXA and reinsurer SCOR, as its new Group Chief Underwriting Officer (CUO).

Adaptive Insurance and Whisker Labs have partnered to deliver parametric power outage insurance using real-time grid data, to deliver protection faster when power failures and outages occur.

Descartes Underwriting, a specialist underwriter of parametric risk transfer opportunities, has strengthened its Asia Pacific leadership team, promoting Ben Qin to Head of Asia Pacific and WeeBeng Seow to acting Head of Southeast Asia.

Today’s soft market across insurance may be short-lived, as the global environment is volatile and systemic risks are rising, which means the opportunity for protection buyers may also not last, according to broker Aon.

The Natural Disaster Fund (NDF), the risk capital facility that allocates its funds to support parametric insurance arrangements and is managed by CelsiusPro’s Global Parametrics team, has increased its risk capital allocation to a Caribbean parametric hurricane product.