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Super’s direct-to-consumer parametric pays in 3 days after Acapulco quake

The direct to consumer parametric earthquake insurance product offered by Super Seguros Inc. in the Latin American market was triggered by the recent M7.0 quake that struck the Acapulco region of Mexico, its founder told Artemis. Super Seguros launched it consumer focused parametric insurance offering with reinsurance backing from global player read the full article →

Physical climate risk to major US banks over $250 billion annually: Ceres

Research from Ceres, the non-profit focused on sustainability challenges such as global climate change and water scarcity and their implications, has found that major US banks have more than $250 billion of exposure to physical climate risks annually sitting in their loan portfolios. In fact, the research found that of $2.2 read the full article →

Fiji exempts parametric climate & disaster insurance from VAT

In a positive move to accelerate and widen the roll-out of important parametric insurance products to protect against climate and disaster risks, the Government of Fiji has exempted them from value added tax (VAT). It's the first time we know of where a government has moved to make disaster insurance more read the full article →

Global Parametrics links climate risk transfer to microfinance funding

Global Parametrics has collaborated on a new climate risk transfer product that integrates parametric risk transfer with the provision of debt financing to microfinance organisations and initiatives. CRED, or the Climate Resilience Enhanced Debt (CRED) product, has been jointly developed by Global Parametrics and Enabling Qapital, an impact investor and advisor read the full article →

Swiss Re CorSo settles parametric hurricane Ida claim

Swiss Re Corporate Solutions, the large commercial risk specialist unit of the global reinsurance firm, has already settled one parametric insurance claim, after a clients parametric trigger was breached by hurricane Ida's wind speeds. With hurricane Ida making landfall at Category 4 strength, with sustained winds recorded on the ground at read the full article →

Mexico struck by M7.0 quake. World Bank cat bond appears safe

A magnitude 7.0 earthquake has struck the Pacific coast of Mexico close to the tourist heavy area of Acapulco. At this stage, it appears the World Bank facilitated IBRD / FONDEN 2020 parametric catastrophe bond that provides the Mexican government with earthquake insurance protection is safe from loss, but it read the full article →

CCRIF makes $2.4m parametric rainfall payout to Trinidad & Tobago

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made a US $2.4 million payout to Trinidad & Tobago after the Caribbean nations parametric excess rainfall insurance policy was triggered recently. Including this latest payout, the CCRIF's parametric disaster insurance policies have now paid out 54 times, read the full article →

Reask helps Swiss Re CorSo expand parametric wind cover worldwide

Swiss Re Corporate Solutions, the large commercial risk specialist unit of the global reinsurance firm, is expanding the utility of its parametric tropical cyclone insurance product with the help of Reask, a climate analytics and data company that uses machine learning techniques. Reask is helping Swiss Re Corporate Solutions to expand read the full article →

Indonesia launches US $500m risk pooling facility. Risk transfer a goal

The government of Indonesia has launched a new disaster risk pooling facility that will initially have more than US $500 million of capacity available to help pay for the economic costs of natural catastrophes and severe weather events, but with a future goal of transferring some or all of the read the full article →

Haiti to get $40m as earthquake triggers CCRIF parametric insurance

The Government of Haiti will receive a payout of roughly US $40 million after its CCRIF parametric insurance policy was triggered by the devastating earthquake that struck the country on August 14th, with $15 million to be delivered within 7 days of the event. As we explained yesterday, we had been read the full article →