weather index insurance

Speedwell Weather owned parametric weather risk transfer platform weatherXchange has launched instant indicative pricing for index-based weather insurance and derivative contracts sold on its technology platform, aiming to streamline pricing and quoting of weather hedging.

Swiss headquartered weather index insurance and parametric risk transfer specialist CelsiusPro AG has launched a new disaster insurance solution designed to rapidly pay out emergency cash when earthquakes or tropical cyclones strike.

The Agricultural Association of Young Farmers (ASAJA-JAEN), a Spanish olive growers’ cooperative, has announced that 100% of its members that subscribed to a parametric insurance scheme through a deal with Meteo Protect, have received compensation after regional temperature highs.

Automating the pricing process for parametric weather risk transfer or weather hedging contracts is an ambitious goal, but Speedwell Weather feels it has achieved that with the latest release of its now 15-year-old weather derivative pricing and risk management software, which it has connected to its weatherXchange platform.

At an event held in London today focused on the progress made by the Insurance Development Forum (IDF), as part of the International Insurance Society (IIS) conference, a number of commitments and news of funding were made, with the goal of furthering steps to narrowing the disaster protection gap.

UK Prime Minister Theresa May has announced a new London Centre for Global Disaster Protection, that will be established to harness expertise in the insurance and reinsurance market with the goal of helping to increase the use of rapid paying risk transfer protection and insurance against perils such as drought in Africa.

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.

Weather index insurance specialist Meteo Protect has secured a deal that will open up its parametric risk transfer products to the Spanish olive growing community, to help farmers and producers enhance their resilience to weather and climate-related risks.

AXA Global Parametrics, the unit of insurer AXA that focuses on providing clients with parametric insurance underwriting and risk transfer solutions, is to begin offering its capacity as a protection seller through the Speedwell Weather owned parametric weather risk transfer platform weatherXchange.

The Peruvian government and the Ministry of Agriculture have chosen to expand the country’s El Seguro Agrario Catastrófico (SAC), or the Agricultural Catastrophe Insurance scheme, to include five more regions, with the launch of an international tender, according to reports.