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Aon hires Harper from Descartes for parametric, ART and Innovation role

Insurance and reinsurance broking giant Aon has hired Colin Harper as Managing Director, Alternative Risk Transfer and Innovation, a position that will see him having a parametric insurance and risk transfer focus. Harper joins Aon's Strategic Solutions & Innovation Practice and will be based in Houston, Texas for the broker. His most read the full article →

Speedwell and EPEX SPOT team up for weather-based power indices

Speedwell Climate, a leading provider of weather, catastrophe and climate data, indices and settlement services, has teamed up with the European Power Exchange (EPEX SPOT) on the launch of a set of weather-based power indices to provide risk management and hedging opportunities to the renewables sector. Speedwell has been serving the read the full article →

Index-based risk transfer essential to key societal issues: Speedwell Climate

Index-based risk transfer has a key societal role to play, in providing protection to support issues such as the renewable energy transition, covering extreme weather catastrophe events, and helping support access to scarce resources, newly renamed Speedwell Climate has said. Speedwell Weather Ltd. and its associated companies have been serving the read the full article →

Rokstone’s Aura launches parametric reinsurance solution for Caribbean hurricanes

Aura Underwriting, which is part of global specialty insurance and reinsurance MGA Rokstone, has launched a new Caribbean parametric product which provides reinsurance for hurricanes, with qualifying claim payouts in days. The new solution, Aura Parametric, compliments the company's existing Lloyd's Caribbean binder, and comes as the frequency and severity of read the full article →

AXA Climate & Hailios to expand access to parametric hail insurance

AXA Climate, the parametric specialist risk transfer managing general agent (MGA) unit of global insurance and reinsurance company AXA, has partnered with Hailios, a company that leverages technology and sensors to help close gaps in hail protection. The goal of the partnership is to expand access to parametric hail insurance to read the full article →

One Concern & WTW team to accelerate adoption of parametric insurance

One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, and broker plus advisor WTW, have teamed up with a goal to accelerate the adoption of parametric insurance solutions. As we've explained before, One Concern provides climate related analytics, read the full article →

BirdsEyeView funded for AI & satellite data parametric insurance

Insurtech startup BirdsEyeView has announced the successful closing of a seed funding round to support its development of technology to deliver parametric insurance solutions using artificial intelligence (AI) and satellite data. The seed funding round was led by SFC Capital, and was matched by the European Space Agency (ESA), providing a read the full article →

Zambia’s ARC parametric drought insurance to payout US $5.3m

The African Risk Capacity (ARC) has paid out and already disbursed US $5.3 million to the Government of Zambia after the African nations parametric drought insurance coverage was triggered. A symbolic US $5.3 million cheque was presented to the Zambian Government by representatives of the African Risk Capacity Group and the read the full article →

Malawi to receive parametric drought insurance payout from ARC

The African Risk Capacity (ARC) will make at least a US $14.2 million payout to benefit the people of Malawi, after the country's parametric drought insurance coverage was triggered. The climate insurance pay-out will be made by African Risk Capacity (ARC) Limited to the Malawian government in June, after the country read the full article →

Hurricane Agatha to slam Mexico. Unlikely to trouble World Bank cat bond

Hurricane Agatha is verging on reaching major Category 3 storm status as it nears the Mexican coastline with 110 mph sustained winds, but the central pressure remains far higher than would be needed to trigger the Government of Mexico's World Bank issued catastrophe bond. Hurricane Agatha formed over the weekend and read the full article →