parametric insurance News

MGA New Paradigm Aims to Bridge the Natural Catastrophe Protection Gap

Evan Glassman saw a gap in the property insurance market—literally. Glassman, working as a retail producer in south Florida for most of his career, realized that the insurance industry’s products were not fully addressing the needs of commercial property insurance …

First Insurance Company of Hawaii Launches Admitted Parametric Product

First Insurance Company of Hawaii (FICOH) has launched a parametric product for Hawaii homeowners and renters. The FirstTrack product provides coverage for expenses that fall below most hurricane policy deductibles, including hurricane preparation and immediate post-hurricane expenses. According to FICOH, …

Another Specialty Broker Begins Selling Pandemic Insurance Coverage

A Newport Beach, Calif.-based specialty broker believes that now is the best time to start offering pandemic insurance. Elite Risk Insurance, which specializes in bespoke risk, is offering Pandemic Outbreak with COVID-19 Relapse coverage with limits from $2 million to …

Generali and Insurtech Descartes Underwriting to Develop Parametric Insurance Cover

Generali’s P&C unit Global Corporate & Commercial (GC&C) and insurtech company Descartes Underwriting have formed a strategic partnership to develop parametric products designed to help close the growing insurance protection gap. This collaboration combines GC&C’s technical capabilities in the corporate …

This Insurance Would Have Helped in Coronavirus Crisis But Nobody Bought It

Like everyone else, Peter Lacovara is coping with COVID-19, working at home to limit contagion to the coronavirus and stay healthy. He’s also plugging away trying to keep businesses healthy, as well. In his role as a senior vice president …

Parametric Insurance Could Offer Hotels Relief from Coronavirus Cancellations

Organizers of events called off because of the coronavirus are likely to miss out on insurance payouts because typical policies do not cover epidemic outbreaks. Hotels hit by cancellations may fare better. That is because a new type of insurance …

Lloyd’s 1st Syndicate-in-a-Box, Operated by Munich Re, Aims to Be an Innovation Lab

Lloyd’s of London is expecting big things for 2020 as it rolls out the key initiatives for its massive modernization project designed make it easier to do business with Lloyd’s and, ultimately, reduce the cost base of the market. One …

Parametric Insurance Fills Gaps Where Traditional Insurance Falls Short

Although parametric solutions have been generally available since the late 1990s, they have more recently found their way into corporate insurance. Parametric insurance solutions offer a means to guarantee direct payout after a qualifying event and protect against unpredictable but …

FEMA Envisions High-Tech Flood Insurance Program Using Parametrics, Blockchain

Blockchain technology and parametric insurance should be included in the Federal Emergency Management Agency’s toolbox as it strives to close the nation’s flood insurance coverage gap, according to a draft report by an advisory committee that makes recommendations to the …

Hail Has Damaged Insurance Market for Car Dealers. Parametric Insurance May Help.

Nick Pacifico has been working at his family’s Cadillac dealership in Denver since 2003. He’s never seen insurance costs this bad. “Getting coverage is nearly impossible,” said Pacifico, vice president at Rickenbaugh Automotive Group. Two years ago he paid about …