parametric triggers News

Lloyd’s Launches Biz Interruption Insurance Policy for SMEs, Led by Tokio Marine Kiln

Lloyd’s has launched a new “first-of-its-kind” business interruption policy for small-and-medium-sized enterprises (SMEs), specifically designed to protect them against IT disruption or downtime. Parametrix Insurance offers simple and reliable coverage by removing the traditional indemnity trigger that most insurance policies …

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 …

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 …

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 …

JBA Risk Management and FloodFlash Launch Parametric Flood Policy in UK

JBA Risk Management and FloodFlash have formed a partnership to provide event-based flood insurance, which uses parametric triggers for property exposures. The product is an industry first and will provide bespoke insurance for policyholders in frequently flooded areas who have …

Clyde & Co. Launches Connected Parametric Insurance Contract

Global law firm Clyde & Co has launched an off-the-shelf connected parametric insurance contract for use by insurers through its smart contract consultancy, Clyde Code. “A connected contract is a digital agreement which links external software systems and data sources …

Parametric Catastrophe Facility CCRIF Adds Panama to Growing Roster of Members

Cayman Islands-based catastrophe facility CCRIF SPC has increased its membership with the addition of Panama, which purchased parametric insurance cover for excess rainfall. CCRIF’s membership now stands at 21 countries – 19 Caribbean governments and two Central American governments. CCRIF …

Cat Facility CCRIF to Make 1st Payment of 2018/19 Policy Year to Barbados

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that Barbados will receive a payout of US$5,813,299 for excess rainfall that occurred during the passage of Tropical Storm Kirk. Barbados has been a member of CCRIF since its inception …

Cat Facility CCRIF Welcomes 2 New Members: British Virgin Islands, Montserrat

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that British Virgin Islands and Montserrat have joined the facility and purchased coverage for the 2018/19 policy year, beginning June 1. Both countries obtained tropical cyclone and excess rainfall policies …

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 …