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Nat cat protection gap widened in 2019 including in North America

Despite the fact insurance and reinsurance markets become increasingly sophisticated in their use of technology to reach customers and provide enhanced coverage, in North America, perhaps the most advanced economy in insured terms, the natural catastrophe protection gap actually widened by over 7% in 2019. It should perhaps be considered an read the full article →

FloodFlash scales sensor-based parametric flood cover to larger corporates

Insurtech start-up FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, is scaling up its offering with the help of major reinsurance carriers to provide protection to larger corporations. FloodFlash's technology has helped to launch the first property level parametric flood insurance product, utilising water level sensors read the full article →

India moots parametric Pandemic Risk Pool, with bonds part of capacity

A working group of the Indian insurance and reinsurance regulator IRDAI has proposed the creation of a parametric Indian Pandemic Risk Pool, which could use pandemic bonds as part of its capacity. The regulator and Indian government tasked an industry working group with exploring the possibility of creating a pandemic risk read the full article →

Munich Re & Farmers Edge team up on parametric agricultural insurance

Global reinsurance giant Munich Re has teamed up with digital agriculture specialist Farmers Edge to deliver large-scale parametric weather insurance solutions for the farming sectors. Making use of cutting-edge technologies that provide highly specific field-centric data and make use of artificial intelligence, the pair aim to deliver revenue protection risk transfer read the full article →

Philippines gets disaster insurance pilot & $500m disaster contingent loan from ADB

The Asian Development Bank (ADB) has launched its first pilot disaster insurance scheme in the Philippines and has also approved a $500 million loan for the country that is contingent on a natural disaster or public health emergency occurring. The contingent loan facility is similar to the World Bank catastrophe deferred read the full article →

African Risk Capacity expanding into flood risk in 2021

The African Risk Capacity (ARC), which provides parametric disaster insurance products for countries in Africa, is currently in a pilot phase with a new flood tool, that it hopes to roll-out more broadly next year. At a conference in Dakar this week, executives from the African Risk Capacity (ARC) discussed progress read the full article →

Descartes raises $18.5m Series A to scale up parametric insurance

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has raised Series A capital from leading investment firms to help it to scale up the parametric insurance space. Descartes Underwriting launched in early 2019, with a focus on parametric risk read the full article →

CCRIF makes $7.45m payout to Haiti for hurricane Laura

Hurricane Laura's passage has triggered parametric insurance coverage for Haiti, with the country receiving $7.45 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility). Haiti received $7.2 million as the hurricane's rains triggered its parametric excess rainfall policy that it has in place with the CCRIF. In read the full article →

AXA Climate & SatSure partner for global parametric risk transfer solutions

AXA Climate, the parametric specialist risk transfer unit of global insurance and reinsurance company AXA, has partnered with SatSure AG, a provider of decision intelligence solutions using satellite data, to roll-out parametric risk transfer solutions around the globe. AXA Climate will underwrite the parametric risks, presumably on an insurance and reinsurance read the full article →

Global Parametrics & Hannover Re renew Yucatan coral reef cover

Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with global reinsurance firm Hannover Re to renew an innovative Yucatan, Mexico coral reef parametric insurance cover. The transaction renews the coverage for the Mexican Reef Protection Program, an initiative that leverages parametric risk transfer and reinsurance capacity, in read the full article →