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Mars Inc. interested in alternative reinsurance capital & parametrics: de Wolfe

Mars Incorporated, the American company which is one of the largest globally active and multinational manufacturers of food products, confectionery and pet food, has said that alternative capital is attractive to the firm as a potential backer for its captive, whole parametric risk transfer is seen as a "fantastic" risk read the full article →

Mortgage investor Bayview returns for second parametric quake cat bond

Mortgage security focused investment manager Bayview Asset Management, LLC has returned to the catastrophe bond market for its second transaction, as the investor seeks upwards of $150 million of parametric earthquake protection from a Sierra Ltd. (Series 2021-1) cat bond deal. Bayview entered the catastrophe bond market in late 2019 with read the full article →

Zurich launches parametric weather product for non-physical damage

Zurich North America, a division of the global insurance and reinsurance firm Zurich, has launched a new product to provide insurance protection for weather related non-physical impacts to the construction industry in the United States. The parametric insurance product is designed to fill gaps in traditional builders insurance policies, where physical read the full article →

Madagascar takes up new African Risk Capacity parametric cyclone insurance

The African Risk Capacity (ARC), a provider of parametric disaster insurance products to countries and now other entities in Africa, has launched a parametric tropical cyclone insurance product for African nations and Madagascar has become the first to take it up. It's taken a long time to get to this stage, read the full article →

Descartes hires Daniel Vetter from Swiss Re CorSo to lead US expansion

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has made a key hire in Daniel Vetter who will lead the firms expansion in North America. Descartes announced an $18.5 million Series A funding round from leading global venture capital read the full article →

Global Parametrics & JBA design parametric flood cover for VisionFund

Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with risk modelling specialist JBA Risk Management to design a parametric flood insurance product for VisionFund to cover flood risks in Myanmar. VisionFund International is a division of global charity World Vision and oversees its microfinance operations, providing loans read the full article →

WHO discusses catastrophe bonds to close COVID funding gaps

The World Heath Organization (WHO) has raised the subject of catastrophe bonds as a potential source of capital for funding development of tools to help in the response to the global COVID-19 pandemic. The Access to COVID-19 Tools (ACT) Accelerator is an initiative set up by the WHO alongside partners, with read the full article →

Aon seeing “demand surge” for parametric risk transfer products

Insurance and reinsurance broker Aon said today that it is currently seeing a "demand surge" for parametric risk transfer products, as clients look for solutions that can rapidly deliver cash flow after loss events occur. Aon said that its Innovation and Solutions team, a specialist unit focused on innovative risk transfer read the full article →

Nicaragua gets parametric insurance payout for hurricane Iota from CCRIF

Having already received a $10.7 million payout under its parametric tropical cyclone policy after hurricane Eta from the CCRIF, Nicaragua has now also received a payout for a second Category 4 storm, hurricane Iota. The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) provides a range of parametric read the full article →

Using tech for innovative parametrics an “exciting” proposition: Clark, GC

The use of advanced technology and improvements in data and analytics to develop innovative parametric triggers is a stimulating proposition, both in the natural catastrophe space and beyond, according to Jonathan Clark, Head of Public Sector at reinsurance broker Guy Carpenter. In an interview earlier this year with Artemis around the read the full article →