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Blockchain based parametric weather insurance in first payouts

A blockchain based parametric weather insurance product has made its first payouts, after severe weather impacted smallholder farmers covered by the product in Sri Lanka.The parametric insurance was launched in a pilot phase a year ago, as Oxfam in Sri Lanka teamed up with insurance and reinsurance broker Aon and read the full article →

SJNK to launch parametric Japan flood insurance with sensors

Japanese primary insurance giant Sompo Japan Nipponkoa Insurance (SJNK) sees a significant business opportunity in delivering responsive flood insurance in Japan, using sensors to measure flood events and for parametric triggers to enable rapid payouts.Sompo Japan Nipponkoa Insurance (SJNK) believes it will be able to make flood insurance payouts within read the full article →

Parametric triggers can expand the limits of insurability: Swiss Re

Parametric triggers, coupled with increasingly granular data and technology, can "expand the limits of insurability" according to Swiss Re, especially when it comes to non-physical damage business interruption (NDBI).Innovation continues to deliver on new ways to mitigate risks, Swiss Re said in a recent report.These innovations are enabling better management read the full article →

Lloyd’s launches parametric policy with no named perils required

Lloyd's has developed a new parametric insurance policy for the hotel industry with a trigger that does not require a named peril to have occurred, rather paying out based on a decline in revenues being recorded.The first policy designed by the Lloyd's insurance and reinsurance market's new Product Innovation Facility, read the full article →

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 →