parametric reinsurance

FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, said that the current UK floods that have occurred after days of storms and heavy rainfall have seen waters rise to hit the parametric triggers for some of its policies.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) made three payouts on parametric insurance policies to member governments from storms in the 2023 Atlantic hurricane season, taking the total it has paid out to almost US $266.8 million since its inception.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by New Paradigm co-founder Bradley Meier, is on-track to launch a dedicated parametric syndicate at Lloyd’s.

The marketplace for parametric insurance and reinsurance is expected to remain stable in 2024, while activity levels are anticipated to be buoyant, according to broker WTW.

Insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, has partnered with commercial insurance and reinsurance broking group Oneglobal to develop parametric flood insurance solutions for the Asian region.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the launch of a UK based managing general agent (MGA) based in London, with the Lloyd’s syndicate backed entity set to underwrite global parametric business.

Parameter Climate, the parametric climate risk transfer focused underwriter and advisor, has completed a management buyout of seed investor SiriusPoint, as the latter continues to reduce its equity ownership in program and MGA businesses.

Insurtech Floodbase has partnered with specialised crop and farm underwriting system and service provider Ag Guard to deliver parametric flood insurance to cover agricultural risks in Australia and New Zealand.

African Risk Capacity Limited (ARC Ltd.) has entered into a partnership with insurtech Floodbase that will see the pair working to develop, distribute, and scale parametric flood insurance products for Africa.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made two payouts for Caribbean countries parametric excess rainfall insurance policies, after tropical storm Philippe in early October.