News

NormanMax Syndicate to grow stamp capacity to £108mn in 2025

NormanMax Syndicate 3939, the first Lloyd’s syndicate dedicated to parametric natural catastrophe (re)insurance, has been approved to grow its stamp capacity to £108mn ($136.6mn) for 2025, Parametric Insurer can reveal.

Lockton Re to develop new parametric products with Verisk crop models

Lockton Re has announced a partnership with Verisk to use its risk models for agriculture (re)insurance, including developing new parametric products.

Rokstone launches parametric nat cat facility with NormanMax

Aventum Group-owned MGA Rokstone has launched a global parametric offering for natural catastrophe risks backed by NormanMax Syndicate 3939.

CCRIF SPC to pay $26.7mn to Panama after heavy rainfall

The government of Panama is set to receive $26.7mn after its excess rainfall policy with regional risk pool CCRIF SPC was triggered by flooding earlier this month.

California city Isleton set to purchase $2.5mn FloodFlash policy for community insurance program

The city of Isleton in California is set to approve the purchase of a parametric flood insurance policy from FloodFlash underwritten by Munich Re at a meeting on Wednesday 20 November, Parametric Insurer can reveal.

Munich Re supports parametric insurance pilot in Mississippi River Corridor

The Mississippi River Cities and Towns Initiative (MRCTI) has announced a parametric insurance coverage pilot over the Mississippi River Corridor in partnership with Munich Re.

Blink Parametric parent adds Miller's Glenister as non-executive director

Miller's Alice Glenister has joined the board of CPP Group as a non-executive director as the firm focuses on developing its Blink Parametric proposition.

French space agency backs Descartes/SERTIT project to assess nat cat damage

Descartes Underwriting and public research lab SERTIT have received financial support from the French national space agency CNES to use Earth observation data to assess damage after natural disasters.

ARC, WFP and AUDA-NEPAD launch disaster risk management platform at COP29

The African Risk Capacity, UN World Food Programme and African Union Development Agency launched the Africa Disaster Risk Management and Recovery Platform at the COP29 climate conference on Friday 15 November.

USDA makes $143mn in parametric payouts for Hurricane Milton

The US Department of Agriculture is paying more than $143mn in parametric insurance claims to Florida agriculture producers affected by Hurricane Milton in October.

Unicef to scale up disaster risk financing initiative after $4mn parametric payouts in first year

The United Nations Children’s Fund (Unicef) has described the flexibility of parametric insurance payouts as “a game-changer in emergency response” as it plans to scale up the risk transfer scheme designed by WTW that it piloted in 2023.

Klemm and Tuinenburg join Tokio Marine HCC’s parametric weather reinsurance unit

Arbol’s Scott Klemm and Mitiga Solutions’ Obbe Tuinenburg have joined Tokio Marine HCC as it builds out its parametric weather (re)insurance underwriting team, Parametric Insurer can reveal.

Blink Parametric travel disruption solutions integrated into Protect Group’s ancillary travel offering

Protect Group, which provides travel service providers with ancillary products, has partnered with Blink Parametric to offer parametric travel disruption solutions.

Virginia state funding supports community-based parametric flood insurance pilots

Two parametric insurance initiatives have been awarded grants from Virginia’s Department of Housing and Community Development to strengthen flood resilience in the southwest of the state.

Allianz, Swiss Re and HKV develop parametric products for urban flooding in Accra, Ghana

An Insurance Development Forum project to strengthen the financial resilience of flood-prone communities in Ghana has delivered two parametric insurance products.

Parametrix launches Lloyd’s-backed digital interruption cyber product

Cyber modelling firm and MGA Parametrix has introduced a Lloyd’s-supported parametric cyber product to cover the cost of digital interruption.

Twelve Capital to launch “parametric-focused” fund

ILS investment manager Twelve Capital is preparing to launch a fund dedicated to parametric risk transfer, its ILS senior advisor Dr Rom Aviv revealed at the Weather Risk Management Association (WRMA) conference in London.

Satellite imagery to reduce parametric tornado basis risk: Descartes’ Girelli

New product concept insures migrants against home country catastrophes

MGA Coverinno and technology firm Riskwolf have designed a hybrid parametric insurance product designed to cover emergency expenses associated with disasters abroad.

WTW confirms PCRIC renewal and updated triggers

WTW has confirmed the renewal of the Pacific Catastrophe Risk Insurance Company’s portfolio of policies for six governments and affiliated entities across the region.