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 →

Swiss Re & Tata AIG collaborate on parametric monsoon cover in India

Global reinsurance giant Swiss Re has collaborated with Indian primary insurance carrier Tata AIG General Insurance Company Limited to provide a parametric monsoon coverage for India's northeastern state of Nagaland. Working with the Nagaland State Disaster Management Authority (NSDMA), Swiss Re will provide the reinsurance capacity to support a parametric excess read the full article →

Swiss Re CorSo launches parametric hail insurance for the U.S.

Swiss Re Corporate Solutions (SRCS), the commercial risk taking entity of global reinsurance firm Swiss Re, has launched a parametric hail insurance product in the United States, citing the growing level of losses experienced from severe thunderstorm risks as driving the need for innovative protection. Last year, 2019, the United States read the full article →

RKH & Descartes in parametric wind trade for European asset owner

RKH Reinsurance Brokers, a division of the Hyperion Insurance Group and parametric risk transfer and technology focused managing general agency (MGA) Descartes Underwriting have completed a wind risk trade for a European asset owner, using the AkinovA platform. The trade saw a European owner of outdoor advertising assets looking for a read the full article →

Descartes Underwriting & Generali partner on parametric insurance

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has partnered with primary carrier giant Generali on creation and distribution of parametric insurance products. The partnership aims to develop new parametric insurance solutions to actively respond to the evolving global read the full article →

Pandemic parametric triggers Q&A with Tom Johansmeyer, PCS

Pandemic protection. Is it included, excluded, or even mentioned in a policy or program? Even if it is, is the coverage responsive enough to really help the protection buyer, or should parametric solutions be looked at? If so, how to ensure they are robust? At a time when interest in pandemic read the full article →

Aon & Brit back Icebreaker One’s open standard for climate data

Significant insurance and reinsurance industry players are backing a new non-profit start-up that aims to drive forwards the development of an open standard for sharing climate data, with the goal of enabling better design and development of climate risk related financial products along with the use of artificial intelligence. Icebreaker One read the full article →

Parametric risk transfer critical to address climate change: WTW’s Hess at Davos

To reach the required levels of adaptation and increase the world’s resilience to climate change, parametric insurance is critical in order to manage the long-term impacts and the transition, according to Carl Hess, Head of Investment, Risk and Reinsurance at broker Willis Towers Watson (WTW). Hess was speaking as part of read the full article →

QOMPLX & Chaucer launch multi-peril parametric insurance for SME’s

The use-cases for parametric triggers in insurance and reinsurance continue to expand, as parametric coverage gains in popularity and technology and data advances make more complex products possible, as evidenced by a recent launch from QOMPLX and Chaucer. QOMPLX is a provider of intelligent decision platforms and also operates a managing read the full article →

FEMA urged to use parametric triggers & ILS to drive insurance penetration

The U.S. Federal Emergency Management Agency (FEMA) is being urged to explore the use of parametric triggers as well as insurance-linked securities (ILS) to help drive increased insurance penetration for flood and other natural hazards and enable better financed disaster recovery. With a goal of increasing financial preparedness among both householders read the full article →