Latest Parametric Headlines
All the headlines from our Parametric Topic Page, ordered by recency.
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...
Clyde & Co. Launches Connected Parametric Insurance Contract
May 23 2019 // Global law firm Clyde & Co has launched an off-the-shelf connected parametric insurance contract for use by insurers through its smart contract consultancy, Clyde Code. “A connected contract is a digital...
Freeland Joins Assured Risk Cover to Grow Florida Parametric Product
May 9 2019 // Assured Risk Cover (ARC) has hired Tom Freeland as Market president and investor. Freeland will be responsible for growing the revenue streams of its Florida-based StormPeace residential and commercial parametric insurance...
Insurers Pitch Quick-Paying Parametric Disaster Insurance to Public Sector
Apr 9 2019 // Some of the world’s largest insurers are eagerly pitching cities, states and even school districts on policies designed to pay out quickly with few questions in the event of extreme weather. The catch: Even a...
AXA XL’s McGavick Looks Ahead to ‘The Golden Age of Insurance’
Mar 21 2019 // Mike McGavick’s turnaround experiences have led him to think carefully about changes that are needed for the insurance industry. “First, cost has got to come down. It’s absurd that approximately 60 cents...
Parametric Catastrophe Facility CCRIF Adds Panama to Growing Roster of Members
Jan 10 2019 // Cayman Islands-based catastrophe facility CCRIF SPC has increased its membership with the addition of Panama, which purchased parametric insurance cover for excess rainfall. CCRIF’s membership now stands at 21...
Swiss Re Corporate Solutions Launches Parametric Water-Level Insurance in Europe
Jan 10 2019 // Swiss Re Corporate Solutions announced it is launching parametric water-level insurance called “FLOW.” This new index-based product is designed to protect companies in Europe from the financial impact of high...
Insurance Linked Securities’ Issuance Reaches Record $1.6B in Q3: Willis Re
Nov 6 2018 // The issuance of non-life insurance linked securities during the third quarter reached a record $1.6 billion, according to a report published by Willis Re. The total exceeds the former Q3 record of $1.4 billion achieved in...
Insurtech Jumpstart Rolls out Parametric Earthquake Product for Californians
Oct 15 2018 // A firm that wants to make a name for itself as the first parametric insurtech in the U.S. for earthquakes has officially launched in California, over a year after its anticipated original launch date. Jumpstart Insurance...
Lloyd’s U.S. Chief Says They’re Ready to Get into Canadian Cannabis Market
Oct 2 2018 // Lloyd’s is set to get into Canada’s cannabis market when recreational marijuana becomes legal there on Oct. 17, according to Hank Watkins, president of Lloyd’s America Inc. Watkins was speaking today at...
Insurtech Jumpstart Rolls out Parametric Earthquake Product for Californians
Oct 2 2018 // A firm that wants to make a name for itself as the first parametric insurtech in the U.S. for earthquakes has officially launched in California, over a year after its anticipated original launch date. Jumpstart Insurance...
People
Sep 3 2018 // NationsBuilders Insurance Services, Inc. (NBIS), a provider of specialty program insurance to the heavy construction industry, has added Chris Nelson as transportation program manager. Nelson will represent NBIS within the...
Assured Risk Cover Expands StormPeace Parametric Insurance to Florida Businesses
Jul 26 2018 // Assured Risk Cover, a provider of parametric hurricane insurance, launched a commercial insurance policy for small businesses in Florida under the StormPeace name. The policy contains all the features of the StormPeace...
Cat Facility CCRIF Welcomes 2 New Members: British Virgin Islands, Montserrat
Jun 14 2018 // CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that British Virgin Islands and Montserrat have joined the facility and purchased coverage for the 2018/19 policy year, beginning June...
Former Florida Insurance Chief McCarty Joins Assured Risk Cover Board of Advisors
Jun 7 2018 // Assured Risk Cover, provider of StormPeace residential parametric insurance, has announced that former Florida Insurance Commissioner Kevin McCarty has joined its board of advisors. McCarty served as Florida’s first...
Miami Beach Looking at Parametric Insurance Policy to Cover Budget Shortfalls
May 7 2018 // Miami Beach’s tourism industry has suffered one blow after another in recent years. First, Brazil’s economy tanked and a strong U.S. dollar prompted would-be international travelers to stay home. Then Zika...
