Parametric reinsurance news

Broking group Aon and global reinsurer Munich Re have launched a first-of-its-kind parametric pandemic reinsurance solution for clients in Indonesia and the Philippines, designed to address specific coverage needs identified across both markets.

Liberty Mutual Reinsurance (LM Re) part of Liberty Mutual Insurance Group, and Celest.Science have announced a collaboration to explore the development of a potential fallback methodology intended to support event characterisation for parametric tropical cyclone insurance when crucial weather data is either unavailable or delayed.

CCRIF SPC, the regional parametric risk pool for the Caribbean and Central America, has announced that the United Nations World Food Programme (WFP) has become the first UN agency and multilateral organisation to join and purchase parametric insurance from it.

The Government of Mexico has received its first World Bank Catastrophe Deferred Drawdown Option (Cat DDO), which will help the country prepare better and respond more quickly to natural disasters, while also complementing both of its IBRD CAR Mexico 2024 and IBRD CAR Mexico 2024 (Pacific) catastrophe bonds and parametric insurance protection.

After the devastating impacts of hurricane Melissa triggered a full $150 million payout of its IBRD CAR Jamaica 2024 parametric catastrophe bond, the rapid funding from this insurance product helped the country recover its electricity network faster than would have otherwise been possible, the government’s Chief Fiscal Economist explained last week.

CCRIF SPC, the regional parametric risk pool for the Caribbean and Central America, is set to make a payout of US $17.4 million to the government of Panama after the recent magnitude 7.7 earthquake triggered its parametric disaster insurance protection under the facility.

Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has issued a parametric payout to the Mexican federal government for the 7.3 magnitude earthquake that struck Mexico’s southern coast in July, and activated Safehub’s Shake Network trigger.

Arbol, the technology-led underwriter of parametric risk transfer, climate, and weather re/insurance business, has announced that it has launched an Innovation Unit, which is set to be led by Dr. Clement Atzberger, who has been appointed to the role of Chief Scientist.

VisionFund, the financial inclusion arm of World Vision, working alongside with Global Parametrics and co-financed by the InsuResilience Solutions Fund, will design a two-peril parametric meso-insurance product for World Vision offices in Bolivia, Brazil, Colombia and Peru, as part of the wider Amazon Basin Initiative.

African Risk Capacity Ltd., the financial affiliate and parametric insurance underwriting entity of the African Risk Capacity (ARC) Group, has promoted Jackline Muthengi to Chief Underwriting Officer (CUO).