parametric insurance News

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive insurance, where companies create their own coverage vehicles, …

Markets/Coverages: Liberty Mutual Re, Insurtech Sprout Offer Parametric Cover for Kenyan Coffee Farmers Facing Climate Risk

Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has partnered with insurtech firm Sprout Inc. and the Kenyan insurer Britam to launch a parametric insurance product, which aims to protect Kenyan coffee growers from financial losses due …

Parametric Insurance Helps Farmers and Others Hit Hard by Extreme Weather

Joemar Flores, a spindly 28-year-old, gestured across his family’s farmland, nestled between a steep hill and a river, and expressed gratitude for the rice paddies in the distance. They’re still there, producing food and an income for him, thanks in …

Zimbabwe Gets $32 Million in Drought Insurance From Agency of African Union

Zimbabwe received $31.8 million from African Risk Capacity, an arm of the African Union, as part of an insurance payout for the devastation the country suffered from an El Niño-induced drought. Finance Minister Mthuli Ncube told reporters on Thursday in …

Insurance Helped 46,000 Indian Women Avoid Deadly Work During Heat Waves

In the city of Ahmedabad in western India, temperatures climbed above 43C (109F) every day between May 19 and May 25, creating deadly hot working conditions for many of the laborers who keep the local economy humming. For 40-year-old Lataben …

NormanMax Launches 1st Nat Cat Parametric Lloyd’s Syndicate, Managed by Apollo

NormanMax Insurance Holdings, the Miami, Florida-based parametric re/insurance group, has launched Lloyd’s Syndicate 3939, in partnership with third-party managing agent Apollo. NormanMax Syndicate 3939 is the first syndicate to focuse on natural catastrophe parametric re/insurance products for hurricane, tropical cyclone, …

Howden Buys Microinsurance Specialist That Offers Cover for LatAm Underinsured

Howden, the London-based insurance intermediary group, announced the acquisition of MiCRO, a microinsurance specialist that designs and implements parametric insurance coverage for underserved populations in Latin America against natural catastrophes. Financial details of the deal were not disclosed. The acquisition …

Zimbabwe to Get Over Half of $60 Million Payout for El Niño-Hit African Nations

Zimbabwe will get over half of an expected $60 million insurance pay out meant for four African nations as it reels from the impact of El Niño-induced drought that’s already slashed corn output and led to a state of disaster …

El Niño Sees African Union Insurance Agency Pay Out $60 Million

The African Union’s climate insurance agency will pay out at least $60 million to four southern African nations to help them offset the impact of a drought that’s been driven by the El Niño weather pattern, its director general said. …

Investors Are Increasingly Interested in a Novel Type of Weather Insurance

Interest in startups trying to shake up the insurance industry is on the rise as weather catastrophes worsen. The latest sign: New York-based Arbol has raised $60 million in a Series B funding round. Founded in 2018, Arbol specializes in …