Reinsurance

Peak Re’s Cheng: Asia agriculture demand to keep rising as exposure grows

Asia is a leading provider of key crops such as rice and wheat but insurance availability across the continent is struggling to keep pace with rising exposures.

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.

Liberty Mutual Re adds Axa’s Belin to agriculture and parametrics team

Charlotte Belin has joined Liberty Mutual Re as a senior underwriter, agriculture and parametrics, based in Paris.

Gallagher Re places $30mn parametric cover to finance World Food Programme aid in the Sahel

Gallagher Re and regional risk pool African Risk Capacity (ARC) have designed a parametric reinsurance policy for the UN World Food Programme (WFP) to fund humanitarian action in Niger, Mali and Burkina Faso.

Pre-arranged financing rationale is robust, but few examples of transformational impact: CDP

It is becoming more challenging for governments to choose between the available financial instruments for disaster risk, which include parametric insurance, catastrophe bonds, contingent financing and debt clauses, according to the Centre for Disaster Protection.

MC roundtable: better data, mitigation and parametrics can build trust with governments

Trust can be a sticking point in public-private partnerships for climate risk, according to participants in a roundtable hosted by The Insurer in partnership with ICEYE during the Rendez-Vous de Septembre, but improvements in data, mitigation and products can help.

Parametric solutions get their time in the sun

From the University of California to farmers in Austria, many prominent examples of parametric risk transfer in recent years have been found in the primary insurance market. But the use of parametric triggers is also picking up in reinsurance, unlocking capacity to address needs that traditional solutions are unable or unwilling to meet.

Buyers showing interest in parametric covers for peak perils ahead of 1.1

Peak natural catastrophe perils are the focus of parametric risk transfer discussions ahead of the January 2025 renewals, as reinsurance buyers seek flexible alternatives to costly traditional layers.

Reinsurance market increasingly ready to talk about parametrics: Howden’s Davies

Reinsurance buyers and sellers are discussing parametric solutions more readily due to increasing “comfort in the product and proof of its performance”, Howden’s head of parametric solutions Gareth Davies told Parametric Insurer.

Alternative solutions continue to address demand for frequency reinsurance protection

As property catastrophe reinsurance attachment points remain high, cedants are turning to structured solutions and, in some cases, parametric covers to address frequency perils.

Senegal to implement parametric drought and flood protection with Gallagher Re

Gallagher Re is working with Senegal’s Public Solidarity Fund (FSN) to provide parametric protection for vulnerable populations against droughts and floods, with the coverage expected to be placed by May 2025.

Gallagher Re adds LM Re’s El Angoudi for parametrics and EMEA agriculture

Liberty Mutual Re’s Abdessamad El Angoudi has joined Gallagher Re as head of agriculture EMEA and parametric sales international.

Parametrics set to play more prominent role at 1.1 renewals

Parametric covers are expected to play a more prominent role in the January 2025 reinsurance renewals, but panellists at The Insurer’s Pre-Monte Carlo Forum in London were in disagreement as to whether increased uptake represented a permanent shift or cyclical trend.

Parametrics-focused Demex raises $10.25mn in Congruent-backed Series A/SAFE round

Parametrics-focused Demex has raised $10.25mn in a Series A/SAFE funding round led by Congruent Ventures, with additional backing from Moxxie Ventures, MetaProp, and existing investor Blue Bear Capital, The Insurer can reveal.

Juniper Re launches parametric practice with Pewter hire from CelsiusPro

Reinsurance broking start-up Juniper Re has hired CelsiusPro’s Nick Pewter as it enters the parametric market, Parametric Insurer can reveal.

Munich Re-backed parametric scheme pays Jamaican farmers for Beryl losses

Around 66 Jamaican farmers covered by local insurer GraceKennedy’s GK Weather Protect product are to receive payouts after the wind speed trigger was met by Hurricane Beryl, while more claims could be paid after rainfall calculations are complete.

Beryl payouts trigger CCRIF SPC reinsurance program backed by Global Parametrics’ NDF

Global Parametrics’ Natural Disaster Fund has revealed the reinsurance cover it provides for regional risk pool CCRIF SPC has been triggered by Hurricane Beryl payouts.

Guy Carpenter launches global parametric flood (re)insurance cover

Guy Carpenter is rolling out FloodShield, a parametric flood solution for large portfolios covering vast areas.

NormanMax Syndicate 3939 introduces retro capacity for hurricanes and typhoons

US-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 cover

The 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.