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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 →

Parametric & ILS risk financing rising up agendas in Asia-Pacific

Discussions on the use of insurance, reinsurance and capital market products for disaster risk financing are rising up the agendas of international meetings focused on the Asia-Pacific region.Stronger cooperation on disaster risk financing and insurance (DRFI) strategies have been called for among the member-states of the Association of Southeast Asian read the full article →

Hiscox Re ILS funds participate in Philippines sovereign parametric renewal

Hiscox Re ILS deployed capacity into the recent renewal of the Philippines sovereign parametric disaster insurance facility, adding to the amount of third-party capital now backing this risk transfer program.The Philippines parametric natural disaster insurance cover provides 25 provinces in the country with disaster insurance cover against major typhoon and read the full article →

Indonesia’s cat bond discussions ongoing

Indonesia's government continues to have discussions regarding the use of catastrophe bonds as a disaster risk financing tool to better protect the country against the impacts of earthquakes and tsunamis.Last October it was reported that the Indonesian Finance Ministry had engaged with global agencies that could assist the country in read the full article →

Parametric Philippine City Disaster Insurance Pool in the works

The Philippines, the Asian Development Bank and private market entities are working to develop a parametric disaster insurance pooling facility for Philippine cities to buy protection from, backed by reinsurance and capital markets funding.The Philippine City Disaster Insurance Pool (PCDIP) is being designed by a collaboration between the Philippine Department read the full article →