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AXA & World Bank collaborate on first Cameroon parametric programme

The first parametric agricultural insurance programme has been launched in Cameroon, by AXA Cameroon and AXA Climate in collaboration with the World Bank Group’s Global Index Insurance Facility (GIIF).Also working with local insurer ACTIVA Assurance, the collaboration has resulted in the launch of a project to insure tens of thousands read the full article →

Risk managers & C-Suite lack understanding of parametric risk transfer

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.The increasing availability and abundance of data and advanced analytics tools, combined with alternative read the full article →

Macau pilots parametric typhoon cover, reinsured by China Taiping

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 new typhoon insurance product has been designed for small and read the full article →

Swiss Re CorSo launches digital parametric risk transfer platform

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.Parametric risk transfer mechanisms are a common feature of insurance and read the full article →

Oxfam, Aon & Etherisc automate parametric weather insurance on a blockchain

A collaboration between Oxfam in Sri Lanka, insurance and reinsurance broker Aon and insurtech blockchain solutions provider Etherisc has delivered a parametric weather insurance product that will make automated payouts to smallholder farmers.The trio, alongside local insurer Sanasa, have launched and begun enrolling farmers into a blockchain-based platform that will read the full article →

JBA & FloodFlash launch sensor-based parametric flood cover first

Catastrophe risk modellers JBA Risk Management and insurtech start-up FloodFlash have teamed up to launch what they claim to be the first property level parametric flood insurance product.The product utilises sensors developed by FloodFlash, which are installed in homes and businesses to provide a measurement source for data that can read the full article →

New Paradigm to educate on parametric risk transfer at new conference

There has been an exponential increase in awareness and understanding of parametric insurance, reinsurance and risk transfer solutions in recent years, but still education is lacking among protection buyers which has led specialist New Paradigm Underwriters to launch its own conference on the subject.Artemis and sister publication Reinsurance News are read the full article →

AXA Climate launches the first-ever parametric hail insurance

AXA Climate, the parametric specialist risk transfer unit of global insurance and reinsurance company AXA, has launched Hail Protection, which reportedly is the first-ever parametric coverage designed to help businesses recover after hail storms.AXA Climate, which was formerly called AXA Global Parametrics until a recent rebranding of the unit, developed read the full article →

AXA’s parametric unit rebrands to AXA Climate, adds new hires

Global insurance and reinsurance company AXA has rebranded its specialist parametric risk transfer unit to AXA Climate and has also strengthened its team with new hires.Previously called AXA Global Parametrics, the unit is focused on developing a client offering of parametric trigger insurance underwriting and risk transfer solutions, with a read the full article →

Connected parametric insurance contract to trigger auto payouts: Clyde & Co.

Law firm Clyde & Co. has developed what it's calling a first, a connected parametric insurance policy that runs on smart contracts and can automate payouts for weather-linked risk transfer arrangements.In the first implementation, Clyde & Co. has developed a revenue or production shortfall parametric insurance policy for a solar read the full article →