Parametric reinsurance news

Descartes Underwriting, a specialist underwriter of parametric risk transfer opportunities, has partnered with Nextpower to launch an integrated parametric insurance solution that uses site-level wind data from Nextpower meteorological stations to protect solar power plant operators against the economic impact of straight-line wind (SLW) events.

The government of Mexico has now finalised its main insurance protection for natural disasters and severe weather events for the coming year, doubling the size of its parametric catastrophe insurance arrangement to around US $575 million for 2026 into 2027.

Isaac Anthony, CEO of CCRIF SPC, the regional parametric risk pool for the Caribbean and Central America, has announced that the organisation grew its coverage by 9% to US $1.57 billion, and introduced new members ahead of the 2026 Atlantic hurricane season.

The SEADRIF Insurance Company and the Food and Agriculture Organization of the United Nations (FAO) have launched an anticipatory drought insurance pilot in Lao People’s Democratic Republic (Lao PDR), the first time a Southeast Asian government has secured parametric insurance specifically designed to deploy pre-arranged finance ahead of drought impacts.

Beazley, a large specialist insurer, has appointed Stefan Wunderlich as Head of Alternative Risk Transfer (ART), where he will take on this new responsibility alongside his existing role as Head of Parametric and will relocate to Bermuda, subject to immigration approval.

Insurance broker and risk adviser Gallagher has collaborated with FloodFlash, a NormanMax company, to launch a new parametric insurance solution designed to protect golf courses from mitigate financial disruption caused by flooding and severe weather.

Willis, a business of insurance and reinsurance broker WTW, has launched a new sensor-based parametric insurance solution designed to protect UK racecourses against localised flooding.

The SEADRIF Insurance Company and the United Nations World Food Programme (WFP) have launched a parametric insurance policy in Lao PDR that will provide pre-arranged financing of up to US$1.1 million, to enable timely support to communities impacted by extreme weather and other natural hazards.

NormanMax Insurance Holdings, the US headquartered parametric insurer and reinsurer, has appointed industry veteran Nick Burkinshaw as Chairman of the NormanMax Syndicate 3939 Advisory Board, supporting the firm’s pure parametric global syndicate in the Lloyd’s marketplace.

The Pacific Catastrophe Risk Insurance Company (PCRIC) has made two separate cyclone payouts, one being an ex-gratia payment of FJD 1.2 million (US $545,000) to the Government of Fiji following tropical cyclone Vaianu, and a $500,000 payout to the Government of the Solomon, after its parametric insurance policy was triggered by cyclone Maila.