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Parametric MGA Descartes Underwriting hires ILS specialist Le Roux

Descartes Underwriting, the start-up insurance technology (insurtech) managing general agency (MGA) that focuses on parametric and data-driven risk transfer products, has hired Edern Le Roux, an ILS specialist previously from SCOR Investment Partners.Descartes Underwriting launched recently with an ambition to utilise the insurance-linked securities (ILS) market as a source of read the full article →

Descartes Underwriting launched as parametric, data-driven MGA

Descartes Underwriting has been launched as a start-up insurance technology (insurtech) managing general agency (MGA) with a focus on parametric and data-driven risk transfer products and an ambition to utilise the ILS market as a source of capacity.Launching Descartes Underwriting is Chief Executive Officer (CEO) Tanguy Touffut, who was previously read the full article →

Swiss Re backs mobile parametric insurance for China typhoon risk

Global reinsurance giant Swiss Re has partnered with China’s Ping An Property & Casualty Insurance Company of China, Ltd to develop and deliver mobile-enabled parametric insurance protection against typhoons.The new parametric solution is China’s first mobile-enabled coverage for property losses as a result of typhoons, and covers eight coastal provinces read the full article →

Swiss Re in Taiwan parametric aquaculture insurance first

Global reinsurance firm Swiss Re, with the assistance of local specialist insurer Taiwan Fire & Marine Insurance, has developed the first parametric aquaculture insurance solution covering fish farmers in Taiwan against extreme rainfall.The parametric insurance product will cover 120,000 hectares of grouper onshore fish ponds in Ping Tung County, Taiwan read the full article →

Swiss Re in Brazil parametric hydro-power insurance first

Swiss Re Corporate Solutions has completed the issuance of the first weather-indexed parametric insurance policy for a hydroelectric power company in Brazil, helping the company to mitigate its risks associated with Brazil's severe drought of recent years.The insurance arm of global reinsurance firm Swiss Re has helped a Brazilian hydroelectric read the full article →

Parametric insurance launched for farmers in China, backed by Swiss Re

The first parametric disaster insurance programme for farmers in China has been launched, covering participants against the impacts of flood, excessive rain, drought and low temperatures in 28 counties across Heilongjiang province.Global reinsurance firm Swiss Re has provided the risk transfer required to back this new parametric insurance programme, by read the full article →

Dual parametric / industry loss trigger ILW’s marketed

Artemis has learned that there are some industry-loss warranties (ILW's) with a novel new structure currently being marketed to insurance-linked investors. The ILW's feature a dual trigger, with a parametric and PCS industry loss both used.These dual trigger parametric / industry loss based ILW's are potentially a very good option read the full article →

Parametric ‘cat in a box’ Israel earthquake reinsurance deal completed

A first of its kind Israel earthquake parametric reinsurance transaction has been brought to market successfully by reinsurance firm Munich Re and capital markets reinsurance broker arm Aon Benfield Securities for Israeli insurer I.D.I.The innovative transaction uses a parametric 'cat in a box' solution, which would enable any potential loss read the full article →

Microinsurance Catastrophe Risk Organisation (MiCRO) awarded IFC funding

The Microinsurance Catastrophe Risk Organisation (MiCRO), a specialty reinsurance organisation established to provide the backing for microinsurance products through microfinance institutions in Haiti, has received $1.96m in funding from the IFC (International Finance Corporation), a member of the World Bank Group. The award includes a $1.7 million performance-based grant and read the full article →

Hurricane Sandy triggers Fonkoze-MiCRO weather-index microinsurance in Haiti

Hurricane Sandy will likely cause the largest payout to date for the Microinsurance Catastrophe Risk Organisation (MiCRO) in Haiti. The impact of Sandy on Haiti was severe, with around 54 deaths, 18,000+ people displaced and the micro-lending firm Fonkoze suggesting that as many as 12,000 of their customers may be read the full article →