parametric triggers News

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 …

Gas Trading Platform Pegas Developing Temperature Products to Hedge Weather Risks

European gas trading platform Pegas said it is developing temperature products, which if approved could go live next year and help energy operators hedge weather risks. “A final plan will be presented to the exchange’s top management in the third …

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 …