parametric insurance News

Miami Beach Looking at Parametric Insurance Policy to Cover Budget Shortfalls

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 scared off visitors. By the time Hurricane Irma hit …

How Parametric Products Work to Supplement Indemnity Policies: RIMS

Corporate risk managers are buying parametric insurance policies to supplement, not replace, their indemnity-based policies. The parametric products worked well with customers hit by the 2017 hurricanes, according to Robert Nusslein, head of Swiss Re’s Innovative Risk Solutions Americas, who …

UK Invests in Natural Disaster Hedge Fund Focused on Insurance for Developing Nations

Britain is backing a hedge fund that aims to raise $200 million to give developing countries access to climate risk insurance. Britain’s Department for International Development (DFID) is investing 25 million pounds ($35 million) over a 20-year period in the …

Parametric Insurance Can Help Close Global Protection Gap: Clyde & Co. Report

Parametric insurance can play a significant role in closing the insurance protection gap – a problem that plagues economies in both the developing and developed world, according to a report published by Clyde & Co. The protection gap is the …

Growing Climate Risks May Be ‘Impossible to Model’ – and Ultimately Uninsurable

After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …

New Insurance Products Could Cut Natural Disaster Costs in Poorer Nations: Report

New types of insurance could cut the costs of natural disasters for poorer countries and reduce the amount of humanitarian aid needed, according to a report commissioned by Britain’s international development ministry. The cost of natural disasters to some of …

Swiss Re, Ping An Offer China’s 1st Mobile-Enabled Parametric Insurance Cover

Swiss Re has partnered with Ping An Property & Casualty Insurance Co. of China Ltd. to launch China’s first mobile-enabled typhoon property parametric insurance solution. This solution is designed to provide an affordable, easy-to-use insurance product for both individuals and …

Caribbean Cat Facility CCRIF & Caribbean Development Bank Launch Regional Risk Management Project

The Caribbean Development Bank and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have launched a Caribbean risk management project. Formally known as “Integrated Sovereign Risk Management in the Caribbean,” the project aims to enable Caribbean countries to take …

Caribbean Cat Facility CCRIF Donates $100,000 to Belize to Aid Rainfall Tracking

Belize SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) is providing US$100,000 to the government of Belize to purchase 40-50 automatic weather stations that will provide the Meteorological Service of Belize with access to real-time rainfall data. The weather stations …

Emerging Risks/Markets Offer New Opportunities: 2017 Predictions, Part 3

Insurers and reinsurers continue to look for organic growth where they can find it – sometimes from emerging risks and sometimes from emerging markets. As always, the keys to success are market knowledge and patience. Providing a heads-up for such …