parametric insurance News

First U.S. Coral Insurance Marks the Rise of the Reef Brigades

Conservation group The Nature Conservancy’s vision for the future of coral protection involves speed boats, and a global army of snorkellers and divers deployed when tropical storms and hurricanes damage reefs. On Monday, the global ‘Reef Brigades’ plan came closer …

Insurance Technology: BirdsEyeView Wins Funds for Parametric Cover; Audatex Adds Live Car Valuation Data

Parametric Insurtech startup BirdsEyeView has closed a seed funding round for an undisclosed amount led by SFC Capital, with the funds matched by the European Space Agency (ESA). BirdsEyeView uses satellite data to structure insurance coverage for severe weather events …

Howden, Munich Re and Skyline Develop Parametric Cover for Jamaica Farmers

Howden, the London-based insurance broker, has worked with Munich Re and Skyline Partners to develop a product that protects the Jamaican Co-operative Credit Union League (JCCUL) against non-repayment of micro-loans from farmers in the event of extreme weather. Approximately 100,000 …

How Cloud Downtime Insurance Became a Thing

A single hour of downtime from mission-critical, third-party IT service providers can cost small and medium-sized enterprises tens of thousands of dollars, but traditional insurance often does not cover these significant losses. That’s why the founders of Parametrix Insurance came …

Insurtech Descartes Partners With Modeling Firm Reask to Expand Parametric Cover

Descartes Underwriting, the Paris-based parametric insurtech, has formed a partnership with Reask, the tropical-cyclone modeling firm. The partnership aims to expand the availability and advancement of parametric cyclone insurance products by combining Descartes’ ability to incorporate new technology into parametric …

Parametric Insurtech Startup FloodFlash Raises $15M for International Expansion

FloodFlash, the UK parametric insurance technology company that pays catastrophic flood claims within 48 hours, announced a Series A capital raise of $15 million. The round was led by Chicago-based Buoyant Ventures with San Francisco-based fund Munich Re Ventures also …

Insurtech Descartes Underwriting Raises $120M to Expand Parametric Product Offering

Descartes Underwriting, the insurtech company that specializes in parametric natural catastrophe products, has announced a $120 million Series B funding round. Growth equity firm Highland Europe is leading the capital-raise alongside international investment company Eurazeo, with participation of existing investors …

Demex and Vave Offer Parametric Extreme Temperature Insurance for U.S. Businesses

A technology firm and a managing general agent are partnering to offer extreme temperature insurance to commercial properties across the United States. According to Vave, an algorithmic underwriting MGA, and The Demex Group, a climate risk analytics and technology firm, …

Insurtech Arbol Launches Bermuda MGU, Focusing on Parametric Reinsurance

Arbol Inc., a New York City-based insurtech platform for parametric protection products, announced the launch of Arbol Underwriters Ltd. (AUL), a registered insurance agent based in Bermuda, which is focused on providing reinsurance capacity for parametric insurance risks. AUL’s parent …

Chaucer, Parametric Insurtech Yokahu Offer Product to Cut Caribbean Protection Gap

Chaucer, the London-based specialty re/insurance group, and parametric insurtech startup, Yokahu, are launching a new microinsurance product, which will provide cover for hurricane events in the Caribbean. This new parametric product is designed to tackle the problem of underinsurance in …