Reinsurance News
Parametric insurance news
Parametric insurance and parametric reinsurance are growth areas for the industry. We cover news on many forms of parametric risk transfer to provides our readers with insights into developments in the re/insurance market related to parametric triggers.
Parametric insurance utilises catastrophe event, weather, or other data parameters to define payout structures and triggers for contracts. It is considered a fast, pre-defined payout system, with payouts coming due when a specific, objective event occurs and a pre-defined parameter is reached, rather than assessing actual physical loss like traditional indemnity insurance.
This archive features our news on the use of parametric triggers to structure insurance or reinsurance protection, as well as discussion on the benefits of parametric triggers as transparent, fast-paying trigger mechanisms for providing parametric insurance and reinsurance coverage.
CCRIF pays $19m to Dominica for Hurricane Maria claims
25th September 2017
Hurricane Maria triggered a U.S. $19 million Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC payout to Dominica under its tropical cyclone policy. The payout brings the total figure for CCRIF payouts for this Hurricane Season so far to about $50.7 million. The facility enables its 17 member countries, who pay an annual premium ... Read the full article
JLT & Munich Re partner to offer Philippines parametric storms cover
25th August 2017
JLT and Munich Re have announced a partnership to develop and offer an innovative parametric insurance cover, One Storm, for typhoon and tropical cyclone risk in the Philippines. The typhoon cover allows risk holders to outsource typhoon risks that had previously been uninsurable such as loss prevention costs, overtime costs, revenue losses, ... Read the full article
World Bank facilitates Philippines’ groundbreaking parametric insurance scheme
18th August 2017
The World Bank and the U.K. Department for International Development supported the Philippines in setting up the country's first ever national parametric catastrophe risk insurance scheme to transfer the risk of typhoons and earthquakes to the global reinsurance market. The scheme makes U.S. $206 million in cover available to local government units (LGUs) ... Read the full article
Philippines kicks off World Bank supported Parametric Insurance Pilot
15th August 2017
With the support of the World Bank the Philippines has kicked off a Parametric Insurance Pilot project that provides up to $19.5 million for typhoon and earthquake cover to 25 local government units (LGUs) in disaster prone provinces, the Department of Finance (DOF) announced. The year long pilot project was launched on ... Read the full article
Swiss Re becomes first to offer typhoon warning cover
24th July 2017
Swiss Re has become the first reinsurer to offer cover for losses related to typhoon warning for Hong Kong businesses, where the overall impact of this level of typhoon warning to Hong Kong's economy is estimated at U.S. $627 million a day. The typhoon cover, Insur8, indemnifies against loss of earnings ... Read the full article
TigerRisk’s X-gRm platform to list live New Paradigm parametric deals
11th July 2017
It's been revealed that New Paradigm Underwriters has committed to using electronic reinsurance trading platform, X-gRm, to place and purchase reinsurance coverage. New Paradigm Underwriters is the originator of parametric insurance solutions, Hurricane PM™ & Industry Parametric Protection™ (IPP), and is looking to trade up to $100 million of capacity utilising the ... Read the full article
Swiss Re & Taiwan Fire & Marine Insurance launch first parametric insurance for Taiwan fisheries
16th May 2017
Swiss Re and Taiwan Fire & Marine Insurance have worked together to offer the first parametric aquaculture insurance solution to provide cover against extreme rainfall for onshore fisheries, in Taiwan's Ping Tung Country. The parametric insurance solution will provide cover for 120,000 hectares of Grouper fish ponds, making Taiwanese fisheries more ... Read the full article
Pacific Islands’ reinsurance backed parametric insurance facility expands
10th April 2017
A $29.73 million regional disaster risk finance project with a parametric insurance facility backed by reinsurance markets has been launched in Fiji to improve access to catastrophe re/insurance within the Pacific Islands. The new facility represents a scale-up to the PCRAFI: Furthering Disaster Risk Finance in the Pacific project, which has already enabled ... Read the full article
AXA expands parametric cover solutions with new entity
9th March 2017
Insurer AXA has expanded its range of parametric insurance offers to small and medium enterprises (SMEs) and individuals with the launch of a new entity, AXA Global Parametrics - a move that builds on previous success to target greater potential for this product. Driven by the success of AXA's current parametric ... Read the full article
- ← Previous
- 1
- …
- 27
- 28
- 29
- 30
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
