weather risk transfer

Arbol, a provider of marketplace technology that utilises smart contracts, has now sold $11 million notional in weather risk transfer contracts through its platform in the first four months since it began trading live transactions.

The African Risk Capacity (ARC), a parametric sovereign disaster risk insurer for African nations, has paid the government of Madagascar $2.3 million after its parametric drought insurance policy was triggered in the last growing season.

Global Parametrics, the parametric and index-based disaster risk transfer company, is putting capacity from the Natural Disaster Fund (NDF) that it manages behind a new weather insurance pilot for coffee farmers in Costa Rica that is powered by Arbol’s technology and smart contract driven marketplace for weather risk transfer.

Arbol, a technology driven marketplace that uses blockchain and smart contracts, has acquired well-known specialist provider of weather risk transfer and weather hedging solutions eWeatherRisk, as it looks to revolutionise the way weather risk transfer contracts are bought and sold.

A new CEO has been appointed to lead the insurance mutual and financial affiliate of the African Risk Capacity (ARC), the African Risk Capacity Insurance Company Ltd (ARC Ltd), with Lesley Ndlovu joining the firm from his most recent position with a division of AXA.

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.

The government of Zimbabwe has approved the purchase of a parametric drought insurance policy from the African Risk Capacity (ARC) and will also benefit from a replica cover purchased by the World Food Programme (WFP).

The African Risk Capacity (ARC) has now made a payout of $745,000 to the Government of Côte d’Ivoire after a deficit of rainfall during the growing season triggered the countries parametric insurance policy.

weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather, has added another new capacity provider for the weather hedging products available through it, in parametric managing general agent (MGA) Skyline Partners.

The African Risk Capacity (ARC) has now paid out over $23 million after drought triggered Senegal’s parametric insurance policy with the facility.