Latest Parametric Headlines
All the headlines from our Parametric Topic Page, ordered by recency.
P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA
May 19 2020 // Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the...
Generali and Insurtech Descartes Underwriting to Develop Parametric Insurance Cover
May 15 2020 // Generali’s P&C unit Global Corporate & Commercial (GC&C) and insurtech company Descartes Underwriting have formed a strategic partnership to develop parametric products designed to help close the growing...
Illinois Lawsuits Challenge Society Insurance’s Coronavirus Claim Denials
Apr 3 2020 // Two lawsuits have been filed in federal court in Illinois by a group of businesses — who were forced to close their operations by government authorities as a result of the COVID-19 pandemic — over the denial of...
This Insurance Would Have Helped in Coronavirus Crisis But Nobody Bought It
Apr 3 2020 // Like everyone else, Peter Lacovara is coping with COVID-19, working at home to limit contagion to the coronavirus and stay healthy. He’s also plugging away trying to keep businesses healthy, as well. In his role as a...
Parametric Insurance Could Offer Hotels Relief from Coronavirus Cancellations
Mar 3 2020 // Organizers of events called off because of the coronavirus are likely to miss out on insurance payouts because typical policies do not cover epidemic outbreaks. Hotels hit by cancellations may fare better. That is because...
Lloyd’s 1st Syndicate-in-a-Box, Operated by Munich Re, Aims to Be an Innovation Lab
Feb 4 2020 // Lloyd’s of London is expecting big things for 2020 as it rolls out the key initiatives for its massive modernization project designed make it easier to do business with Lloyd’s and, ultimately, reduce the cost...
How Parametric Insurance Can Help Fill the Gap Where Traditional Insurance Falls Short
Jan 27 2020 // Although parametric solutions have been generally available since the late 1990s, they have more recently found their way into corporate insurance. Parametric insurance solutions offer a means to guarantee direct payout...
Parametric Insurance Fills Gaps Where Traditional Insurance Falls Short
Jan 9 2020 // Although parametric solutions have been generally available since the late 1990s, they have more recently found their way into corporate insurance. Parametric insurance solutions offer a means to guarantee direct payout...
Germany, Global Parametrics, Hannover Re Launch Climate Impact Fund
Dec 11 2019 // Hannover Re and a parametrics company along with several German economic development agencies have created a natural disaster fund targeting investments in risk-transfer instruments relating to natural catastrophes and...
FEMA Envisions High-Tech Flood Insurance Program Using Parametrics, Blockchain
Nov 26 2019 // Blockchain technology and parametric insurance should be included in the Federal Emergency Management Agency’s toolbox as it strives to close the nation’s flood insurance coverage gap, according to a draft...
Hail Has Damaged Insurance Market for Car Dealers. Parametric Insurance May Help.
Nov 14 2019 // Nick Pacifico has been working at his family’s Cadillac dealership in Denver since 2003. He’s never seen insurance costs this bad. “Getting coverage is nearly impossible,” said Pacifico, vice...
Swiss Re’s Kaplan Joins North Carolina-Based AmWINS Group
Nov 7 2019 // AmWINS Group, Inc., a global distributor of specialty insurance products and services, has named Alex Kaplan executive vice president for Alternative Risk. In his new role, Kaplan will lead a new strategy around the...
California Export List Hearing for Surplus Lines Slated for November
Oct 21 2019 // Parametric earthquake coverage and terrorism coverage are among the potential items on the 2019 Export List hearing being held next month by the California Department of Insurance. Adding a risk or coverage to the export...
Higher Than Usual Number of Items Could be Added at California Surplus Export List Hearing
Oct 16 2019 // Getting items on California’s surplus lines export list is no easy task. Just ask Ben McKay, executive director of the Surplus Line Association of California. McKay can recall only a few coverages that have been...
California Export List Hearing for Surplus Lines Slated for November
Oct 11 2019 // Parametric earthquake coverage and terrorism coverage are among the potential items on the 2019 Export List hearing being held next month by the California Department of Insurance. Adding a risk or coverage to the export...
Parametric Catastrophe Facility CCRIF Pays US$12.8M to Bahamas for Dorian Damages
Sep 27 2019 // CCRIF has made two payouts to the government of The Bahamas totaling US$12.8 million in the aftermath of Hurricane Dorian, which caused widespread destruction in the northern part of the archipelago. The Bahamas has three...
Rethinking the Limits of Parametric Insurance
Sep 24 2019 // It’s time to rethink the limits of parametric insurance. The concept behind parametric insurance is not new. Insurance payouts automatically triggered by an event exceeding an index level have existed for decades....
Update: Parametric Catastrophe Pool, CCRIF, to Provide Rapid Payout for Bahamas After Dorian
Sep 5 2019 // Some of the first financial relief the Bahamas receives in the aftermath of Hurricane Dorian may be a rapid insurance payout from a novel program just 12 years old. CCRIF, once short for the Caribbean Catastrophe Risk...
Parametric Insurance Cover Provides French Farmers with Drought Relief
Aug 2 2019 // Hundreds of French farmers who signed up for specialist policies aimed at insuring against freak weather are getting swift payouts which could help them recover from heatwaves and prolonged droughts that hit parts of the...
JBA Risk Management and FloodFlash Launch Parametric Flood Policy in UK
Jun 28 2019 // JBA Risk Management and FloodFlash have formed a partnership to provide event-based flood insurance, which uses parametric triggers for property exposures. The product is an industry first and will provide bespoke...
