weather index insurance

NormanMax, the US based parametric insurance and reinsurance group with a pure-parametric syndicate at Lloyd’s, has hired Yong Li from reinsurer Swiss Re as its first President for Climate and Alternative Risk Solutions, bringing significant expertise in non-catastrophe weather risk transfer and trading to the firm.

As South Asia faces escalating threats from extreme weather events, the World Bank Group is urging policymakers to scale up innovative financial tools such as weather-index insurance to help households and businesses manage climate risks more effectively.

London headquartered insurance and reinsurance firm Beazley continues to enhance its parametric weather insurance offering, now entering into a partnership with Paragon Insurance Holdings to combine its underwriting with an online technology solution.

MS Amlin AG, the international reinsurance arm of MS Amlin and part of the Japanese MS&AD group, has announced the launch of a practice with a focus on agriculture and weather index products with the hiring of former PartnerRe exec Rinat Bektleuov.

Hillridge Technology Pty Ltd, an Australian software technology company that aims to help users address the climate protection gap, has launched a weather index insurance platform with the support of Mitsui Sumitomo Insurance and Victor Insurance Australia, a subsidiary of Marsh.

The parametric insurance and risk transfer market is evolving rapidly and its ability to provide what are perceived as cleaner contract terms, as well as greater certainty, looks set to be increasingly attractive to alternative sources of reinsurance capital.

While parametric insurance will never replace indemnity structures, they are expected to be leveraged more widely in areas where indemnity models struggle to provide adequate solutions, according to Richard Chattock, Chief Executive Officer (CEO) at London-headquartered, Insurtech Gateway.

CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, is doubling down on the use of big-data and advanced technology to create better parametric triggers and indices for weather and natural catastrophe risk transfer.

Cooper Gay France, the European broker and wholesale managing general agency (MGA) that is part of the BGC Partners broking group, has acquired the Meteo Protect brand and technology, the specialist parametric and weather index insurance underwriting agency and Lloyd’s coverholder, we can reveal.

Indices designed to facilitate the trading of weather risks related to wind power have now been added to weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather.