CCRIF pays $6.4mn to Guatemala and monitors Beryl impact after 2024 renewals completeRegional risk pool CCRIF SPC has made its first payout since its 1 June 2024 renewals, with Guatemala receiving $6.4mn after heavy rainfall in mid-June.
PCRIC appoints Poulter as chief risk officerThe Pacific Catastrophe Risk Insurance Company, a regional parametric risk pool, has named former disaster risk finance consultant Richard Poulter as its new chief risk officer.
Descartes expands in US as Vetter promoted to head of AmericasParametric MGA and insurer Descartes Underwriting has expanded its US presence and reorganised its management team, with chief revenue officer Louis Bollaert leaving the company.
Aon secures $282mn expanded parametric program for Puerto Rico governmentAon has structured and placed an expanded parametric hurricane and earthquake coverage for the government of Puerto Rico which includes capacity from capital markets, The Insurer can reveal.
NormanMax Syndicate 3939 introduces retro capacity for hurricanes and typhoonsUS-based (re)insurance group NormanMax Insurance Services has started providing parametric retro capacity for hurricanes and typhoons through its newly launched Syndicate 3939.
LM Re and Global Parametrics’ NDF lead renewal of $11mn Mexican state parametric hurricane coverThe state government of Quintana Roo on Mexico’s southeastern coast has returned to the international markets to renew its $11mn parametric named hurricane reinsurance coverage, The Insurer can reveal.
Insurtech Ibisa raises $3mn to expand parametric offering in Asia and AfricaClimate insurtech Ibisa has closed a $3mn funding round, with the proceeds set to go towards scaling its parametric insurance solutions for weather-related risks across Asia and Africa.
Bahamas govt plans parametric public-private partnership for catastrophe risksThe Bahamas is working on a parametric insurance scheme to protect vulnerable, uninsured communities against natural disasters.
FloodFlash expands parametric flood product across US mainlandParametric MGA FloodFlash has extended its product offering to cover the entire US mainland after expanding its binder with Munich Re Specialty’s syndicate.
Parametric insurer Revo upgraded to A- by S&P on profit outlookItaly’s Revo Insurance has received its second S&P ratings upgrade after its takeover by a parametric and specialty insurance-focused SPAC.
InsuResilience Solutions Fund backs continuation of parametric programs in India and West AfricaThe German government-backed climate risk insurance fund has announced new support for parametric programs in Burkina Faso, Côte d’Ivoire and India.
PGA Tour golf event purchases parametric rain insurance from Mitsui Sumitomo subsidiaryVortex Insurance is insuring the Dick’s Sporting Goods Open, a PGA Tour Champions event in New York, for the third consecutive year.
Dutch government provides $27mn funding to African Risk CapacityAfrican Risk Capacity has secured $27mn in additional funding from the Dutch government.
Allianz supports parametric insurance-backed loans worth $1.5mn for Colombian farmersAllianz has launched a parametric program in Colombia protecting avocado and coffee farmers’ investments in the event of too much or too little rainfall.
Munich Re hires Faure as head of parametric nat cat solutionsJack Faure, who previously worked at parametric advisory firm Parameter Climate, is joining Munich Re’s recently established parametric team.
Howden appoints Price Forbes Re’s Davies as head of parametric solutionsHowden has hired Price Forbes Re’s Gareth Davies as head of parametric solutions based in London.
Extreme heat triggers parametric payout to over 46,000 women workers in IndiaA parametric policy provided by insurer ICICI Lombard and underwritten by Swiss Re has paid more than $340,000 to support the income of women during extreme heat in India.
Italy’s Revo launches parametric cover for bad holiday weatherItalian parametric specialist insurer Revo has launched a new cover that will pay out automatically to travellers if rainfall exceeds a certain amount during their trip.
Descartes expands parametric cyber product to GermanyParametric specialist Descartes Insurance has expanded its cyber shutdown offering to Germany, having launched the cover for SMEs in France in February.
Lockton appoints Descartes’ Jones as parametric solutions head UK and EuropeLockton has hired Paul Jones as head of parametric solutions for UK and Europe.