Congratulations to our alumni, co-founder of Reask, on winning Catastrophe risk modelling solution of the year by ERM
The winner of catastrophe risk modelling solution of the year has used cutting-edge technology to develop a novel technique that is showing potential to fill growing protection gaps against natural catastrophes. Metryc, a global tropical cyclone parametric calculation agent from risk modelling firm Reask, was launched in 2021 and already has clients. One of InsuranceERM‘s independent […]
Descartes & Reask partner to expand parametric cyclone covers
Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is partnering with Reask, a climate analytics and data company that uses machine learning techniques. The partnership is focusing on tropical cyclone risk transfer, with the pair hoping to “push the frontier of parametric windstorm […]
NORTH MACEDONIA: MIA: only 5% of registered agricultural businesses use insurance
According to the information of MIA (Media Information Agency), trust in insurance is the lowest among farmers, which means that interest in buying insurance policies among agricultural producers in the country is at a very low level – out of over 90,000 registered agricultural holdings, less than 5% insure their production, osigurajse.net wrote. According to Gjorge VOJNOVIC, Director […]
Extreme weather drives up natural catastrophe losses
October’s hail storm in eastern Australian states and other major catastrophes globally led to $US116 billion ($162 billion) in insured losses last year, the third highest since 2011, according to estimates from reinsurance broker Gallagher Re. Gallagher Re says a series of extreme weather events in the US and worst ever floods in Europe were […]
30+ humanitarian relief cat bonds in pipeline: Howden
A year ago, a unique cat bond that melded volcano risk and humanitarian relief was a headline-grabbing unique deal. David Howden, one of its architects, claims as many as 30 more deals are in a very robust pipeline. In March 2021 Howden Group, via its charitable foundation the Howden Foundation, was instrumental in arranging a […]
Cat bonds for recovery highlighted by Caribbean Development Bank
Catastrophe bonds and parametric insurance have both been highlighted by the President of the Caribbean Development Bank (CDB) in a speech laying out priorities for 2022 and a plan for marshalling financing to support regional economies. The Caribbean Development Bank (CDB) is designing a “financing ecosystem” through which it aims to support the regions economies […]
Philippines cat bond payout a “tangible result”, says Finance Secretary
The triggering and impending $52.5 million payout of the Philippines catastrophe bond by recent typhoon Rai (known in the Philippines as Odette), demonstrates a “tangible result” of the country’s disaster risk financing work, according to its Finance Secretary. Artemis was first to report yesterday that the Philippines government will make a $52.5 million recovery under the […]
A protection & innovation gap, just 38% of cat losses insured: Aon’s Eric Andersen
Global economic losses from natural catastrophes reached $343 billion in 2021, but only $130 billion of the total was covered by insurance or reinsurance, which Aon’s President Eric Andersen said demonstrates both a protection and an innovation gap, when it comes to climate risk. At $130 billion, Aon’s estimate of global insured catastrophe losses for […]
Philippines cat bond triggers on typhoon Rai (Odette) winds, $52.5m payout due
The Philippines government will make a recovery under the terms of its World Bank issued IBRD CAR 123-124 catastrophe bond, as the event calculation process has now run and super typhoon Rai (locally known as Odette) has breached the parametric trigger for wind, Artemis has learned. As we reported back on December 22nd, the Philippines Government […]
UNDP IRFF: Sustaining development via insurance and risk finance solutions in 8 countries
As risk grows, it is time to rapidly scale-up insurance and risk-transfer solutions for the countries and communities most in need. UNDP lays the groundwork for full implementation. UNDP will start insurance and risk-financing work in eight new countries in the first quarter of this year. This work is backed by funding from the German […]