parametric insurance News

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 …

Recoop Insurance Vows Quick Cash to Homeowners, Renters Hit by Natural Disasters

Homeowners in 37 states now have access to a parametric-like multi-peril disaster insurance product designed to deliver quick cash in the wake of a natural disaster. The product, Recoop Disaster Insurance, pays out a lump-sum cash benefit from $5,000 up …

Neptune Flood Acquires Parametric Earthquake Insurance Broker Jumpstart

Digital flood insurance provider Neptune Flood has acquired Jumpstart Insurance Solutions, a parametric insurtech broker that offers parametric earthquake policies. Terms were not disclosed. Jumpstart, a licensed surplus lines insurance broker selling online and using Lloyd’s capacity, began offering earthquake …

Mexican Insurtech Startup Offers Quick Claims Payments for Earthquake Damage

Mexican startup Super, which offers coverage for earthquake property damages, plans to expand into hurricane insurance and possibly raise a fresh funding round next year, according to chief executive officer and founder Sebastian Villarreal. The company, which launched in 2019, …

Trinidad and Tobago Gets CCRIF Payment of $2.4M for August Heavy Rains, Flooding

The Caribbean Catastrophe Risk Insurance Facility has made a payout of approximately US$2.4 million to the government of Trinidad and Tobago following a rainfall event that occurred during August 18-20, 2021. The heavy rainfall resulted in flooding and landslides across …

Insurtech ELEMENT and MGA Parametrix Launch Cloud Outage Insurance in Europe

ELEMENT, the Berlin-based insurtech, announced a partnership with managing general agent, Parametrix Insurance, launching parametric cloud outage insurance for companies in Germany. The product is designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers. …

Insurtech Blue Marble Launches Weather-Index Crop Insurance for Pakistani Farmers

Blue Marble, a London-based insurtech that offers affordable insurance protection for low-income families and small businesses in emerging markets, has launched a weather-index insurance-pilot program for smallholder farmers in rural Pakistan. The pilot program, which will cover 500 farmers, is …

Africa Specialty Risks Launches Parametric Underwriting Division

Africa Specialty Risks (ASR), the pan-African focused managing general agent, announced the launch of its parametric division, alongside the appointment of Dr. Raveem Ismail as head of Parametric Underwriting and Ian Bishop as Parametric Product manager. ASR Parametric brings together …