weather insurance

Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with risk modelling specialist JBA Risk Management to design a parametric flood insurance product for VisionFund to cover flood risks in Myanmar.

Global Parametrics has structured and backed with capital from its Natural Disaster Fund (NDF) two index triggered water risk transfer arrangements covering smallholder farmers in India and Tanzania, with reinsurance giant Hannover Re providing some of the risk capital to support the deals.

MSI GuaranteedWeather, LLC, a weather risk transfer focused subsidiary of MS&AD’s Mitsui Sumitomo Insurance Co., Ltd. (MSI), has developed a dual-trigger weather derivative product to help a renewable energy producer hedge the effects of two weather variables at the same time.

Vortex Insurance Agency, a specialist parametric insurance and weather risk transfer agency backed by the MS&AD group’s Mitsui Sumitomo and a subsidiary of MSI GuaranteedWeather, LLC, has launched a new online portal through which businesses can buy parametric rainfall insurance instantly.

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.

Arbol, a provider of marketplace technology that supports parametric risk transfer or weather insurance and utilises smart contracts, told us that it has lined up $250 million of capacity from non-traditional market sources to help it expand.

Nephila Climate, the weather and climate risk focused arm of the largest independent insurance-linked securities (ILS) manager Nephila Capital, has provided capacity to back a weather-linked wind farm risk transfer deal, to support the needs of a data center provider.

Global Parametrics and reinsurance giant Hannover Re are together supporting a weather risk insurance pilot scheme that is powered by Arbol’s technology and smart contract driven marketplace for weather risk transfer.

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.

Global Parametrics, the parametric and index-based disaster risk transfer company, has structured a windstorm derivative transaction for a business on remote South Atlantic island Tristan da Cunha, with the deal backed by capacity from the UK Government’s Department for International Development, through the Natural Disaster Fund (NDF).