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FloodFlash scales sensor-based parametric flood cover to larger corporates

Insurtech start-up FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, is scaling up its offering with the help of major reinsurance carriers to provide protection to larger corporations. FloodFlash's technology has helped to launch the first property level parametric flood insurance product, utilising water level sensors read the full article →

Philippines gets disaster insurance pilot & $500m disaster contingent loan from ADB

The Asian Development Bank (ADB) has launched its first pilot disaster insurance scheme in the Philippines and has also approved a $500 million loan for the country that is contingent on a natural disaster or public health emergency occurring. The contingent loan facility is similar to the World Bank catastrophe deferred read the full article →

AXA Climate & SatSure partner for global parametric risk transfer solutions

AXA Climate, the parametric specialist risk transfer unit of global insurance and reinsurance company AXA, has partnered with SatSure AG, a provider of decision intelligence solutions using satellite data, to roll-out parametric risk transfer solutions around the globe. AXA Climate will underwrite the parametric risks, presumably on an insurance and reinsurance read the full article →

Swiss Re & Tata AIG collaborate on parametric monsoon cover in India

Global reinsurance giant Swiss Re has collaborated with Indian primary insurance carrier Tata AIG General Insurance Company Limited to provide a parametric monsoon coverage for India's northeastern state of Nagaland. Working with the Nagaland State Disaster Management Authority (NSDMA), Swiss Re will provide the reinsurance capacity to support a parametric excess read the full article →

Swiss Re CorSo launches parametric hail insurance for the U.S.

Swiss Re Corporate Solutions (SRCS), the commercial risk taking entity of global reinsurance firm Swiss Re, has launched a parametric hail insurance product in the United States, citing the growing level of losses experienced from severe thunderstorm risks as driving the need for innovative protection. Last year, 2019, the United States read the full article →

Philippines to invite new bids for $19.6bn state asset & infrastructure reinsurance

The government of the Philippines will go back to the global reinsurance market to invite fresh bids to provide the capacity to underpin its roughly US $19.6 billion insurance of state-owned assets and infrastructure, with the application process now simplified somewhat. Last December we reported the Philippines government had entered into read the full article →

RKH & Descartes in parametric wind trade for European asset owner

RKH Reinsurance Brokers, a division of the Hyperion Insurance Group and parametric risk transfer and technology focused managing general agency (MGA) Descartes Underwriting have completed a wind risk trade for a European asset owner, using the AkinovA platform. The trade saw a European owner of outdoor advertising assets looking for a read the full article →

Descartes Underwriting & Generali partner on parametric insurance

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has partnered with primary carrier giant Generali on creation and distribution of parametric insurance products. The partnership aims to develop new parametric insurance solutions to actively respond to the evolving global read the full article →

Data-driven glimpse of the re/insurance future: Parametric cargo cover from Parsyl

Every so often some new insurance or reinsurance product, or strategy, emerges that shows us a glimpse of the future of this marketplace, often driven by technology, data and the use of parametric triggers. The latest product to do so is one launched by insurtech start-up Parsyl Inc. this week, which read the full article →

AXA Climate uses VanderSat data for parametric drought & soil moisture insurance

AXA Climate, the parametric specialist risk transfer unit of global insurance and reinsurance company AXA, has partnered with Dutch satellite technology firm VanderSat on a range of products to enable drought and soil moisture related exposures to be hedged. AXA Climate will utilise data sourced from VanderSat's microwave data from satellites read the full article →