Parametric reinsurance news

Willis, a business of insurance and reinsurance broker WTW and Rare, the global conservation organisation have teamed up to launch a parametric insurance solution for small-scale fishers in the Philippines, with capacity provided by the Natural Disaster Fund (NDF).

Insurance and reinsurance broking firm Aon has structured and placed the first and largest parametric forest fire insurance policy ever undertaken in Brazil, developed for stationery manufacturer Faber-Castell.

Having already seen its parametric tropical cyclone insurance triggered by major hurricane Melissa’s winds, Jamaica is now set to also benefit from a payout under its CCRIF SPC parametric excess rainfall policy, taking the total it will receive to $91.9 million.

The Bermuda Monetary Authority (BMA) has confirmed that it plans to release a consultation paper in the fourth quarter of 2025 regarding the establishment of a new special purpose insurer (SPI) that will primarily focus on the use of parametric triggers.

CCRIF SPC, the Caribbean and Central America Parametric Insurance Facility and Development Insurer, is set to make its biggest single payout after after major hurricane Melissa triggered Jamaica’s tropical cyclone policy.

Descartes Underwriting, a specialist underwriter of parametric risk transfer opportunities, has joined the International Cooperative and Mutual Insurance Federation (ICMIF) as a Supporting Member to help tackle climate risk.

Prateek Singhal, Executive President & Head – Reinsurance at Howden India, believes that catastrophe bonds may be India’s “next shield”, emphasising the country’s need for instruments like cat bonds to protect its growing economy from climate risk.

The increasing diversity of risk transfer instruments and reinsurance capital sources, including insurance-linked securities (ILS), is a credit positive for the U.S. property and casualty (P&C) insurance sector that faces an evolving risk landscape and rising secondary peril losses, according to rating agency KBRA.

The African Risk Capacity (ARC) Group, a provider of parametric disaster insurance products to countries and other entities in Africa, has made a combined parametric insurance payout of just over $5.4 million to support Mozambique’s response to the 2024/25 drought and to Tropical Cyclone Chido.

During a panel session earlier today at the ILS Bermuda Convergence 2025 conference, it was announced that the Bermuda Monetary Authority (BMA) is currently in the final stages of implementing a new special purpose insurer (SPI) class that will primarily focus on the use of parametric triggers.