Parametric reinsurance news

The World Bank has assisted in the structuring of a cyclone reinsurance arrangement to protect Mozambique’s state insurer against the impacts of major storms, working alongside parametric insurtech PULA and managing general agent Africa Specialty Risks (ASR).

The African Risk Capacity (ARC), a provider of parametric disaster insurance products, has signed a first-of-its-kind multi-year, multi-peril agreement with the Government of Djibouti, designed with the help of parametric specialist Descartes Underwriting to protect the lives and livelihoods of one of the most climate-vulnerable communities on the African continent.

Swiss Re Corporate Solutions has collaborated with re/insurance broker Aon and the International Finance Corporation (IFC) to develop an innovative parametric earthquake insurance solution for a hydroelectric power station in Nepal.

Chinese insurance giant Ping An Property & Casualty Insurance continues to develop innovative parametric insurance products that support the green and blue economy, with the latest being a parametric index trigger product that provides ocean carbon sink risk protection.

Reinsurance broker Gallagher Re has made a key hire in its Global Practice for Public Sector & Climate Resilience Solutions, adding Gian Sandosh Semadeni from CelsiusPro as its new Parametric Solutions Lead.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has reported a more than doubling of its gross premiums underwritten for 2022, with the total rising to $170 million for the year.

Floodbase, which was formerly known as Cloud to Street, has raised a $12 million Series A funding round, while announcing an evolution in its parametric flood risk transfer technology, to allow parametric flood cover to be added to an existing parametric hurricane product.

Parameter Climate, the parametric climate focused underwriter and advisor, has achieved profitability in its first year and now moves forward with an appetite for growth into parametric climate, catastrophe and weather risk transfer, with additional capital sources one avenue that can drive expansion.

Inver Re, the reinsurance broking arm of the Ardonagh Group, has announced the hire of long-standing Aon weather and parametric risk transfer leader Kurt Cripps as its new Global Head of Parametric.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the hiring of Hector Ibarra as its new Vice Chairman of Latin America (LATAM).