Parametric insurance

Best's Review Looks at Growing Popularity of Parametric Insurance Contracts

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星期一, 四月 15, 2024
Other Professional Services, Professional Services, Insurance, Parametric insurance, News, Traction, Weather

In a recent article, Best’s Review examines the use of parametric insurance to provide coverage for previously less-insurable risks.

Key Points: 
  • In a recent article, Best’s Review examines the use of parametric insurance to provide coverage for previously less-insurable risks.
  • Originally gaining traction in developing nations to protect against natural disasters and weather risks, parametric contracts are finding greater acceptance in a broader range of insurance markets, including cybersecurity.
  • Read the full story in “ Parametric Insurance Contracts May Apply to Tougher Risks .”
    Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Best's Review Delves into the Topic of Risk

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星期三, 四月 3, 2024
Banking, Professional Services, Insurance, Finance, Intelligence, Risk, Social media, PPLI, ALL, Climate, News, AI, AM Best, Fraud, Parametric insurance, Film industry

“ Insurers See Generative AI, Climate and Cyber as Key Risks ” looks at where the industry is hiring and expanding regarding risk.

Key Points: 
  • “ Insurers See Generative AI, Climate and Cyber as Key Risks ” looks at where the industry is hiring and expanding regarding risk.
  • “ AI-Powered Prying in Social Media Raises Ethical Concerns in Insurance ” explains the debate over using artificial intelligence to gather lifestyle information for assessing risks and preventing fraud.
  • Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Alt Mobility raises $6mn in Funding Co-led by Shell Ventures, Eurazeo, EV2 and Twynam

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星期四, 一月 18, 2024
CO2, Alt, EVS, UC, City, Growth, EV, Transport, Investment, General partnership, Drive, Engineering, AUM, Parametric insurance

GURGAON, India, Jan. 18, 2024 /PRNewswire/ -- Alt Mobility, a technology-enabled electric vehicle (EV) leasing and lifecycle management platform, has announced that it has raised $6mn in funding co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam. The round also saw participation from UC Inclusive, Piper Serica, Pitchright and LetsVenture in a mix of equity and venture debt.

Key Points: 
  • The company would also be launching new verticals for fleets including Drive-to-Own model, Parametric Insurance, Fleet Depots (parking and charging), Battery Refurbishment Unit.
  • Sharing the development, Dev Arora, CEO, Alt Mobility said, "With their faith in Alt Mobility, investors across four continents are confident in the growth of the EV ecosystem in India and our integrated approach of electrifying commercial fleets.
  • We are excited to work with Alt Mobility towards a more sustainable mobility future for India."
  • By 2025, Alt Mobility is aiming their fleet's cumulatively will offset 400,000 MT of lifetime CO2 emissions, reinforcing their commitment to sustainable mobility.

Triple-I: Milwaukee Offers Model for Cities to Mitigate Flood Risk

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星期三, 十二月 6, 2023
Natural Disasters, Insurance, Data Analytics, Natural Resources, Environment, Professional Services, Other Natural Resources, Forest Products, Triple, CBE, Insurance Information Institute, Milwaukee Metropolitan Sewerage District, NBS, Weather, Trust, Parametric insurance, RWR, Community, Government, MMSD, Risk management

The Milwaukee Metropolitan Sewerage District (MMSD) is mitigating the city’s flood risks using reforestation, wetlands restoration, and other nature-based solutions (NBS), according to the Insurance Information Institute (Triple-I).

Key Points: 
  • The Milwaukee Metropolitan Sewerage District (MMSD) is mitigating the city’s flood risks using reforestation, wetlands restoration, and other nature-based solutions (NBS), according to the Insurance Information Institute (Triple-I).
  • Community engagement is needed to build trust and overcome organizational funding/capacity constraints,” the report stated.
  • “Unlike indemnity insurance, parametric structures cover risks without the complications of sending adjusters to assess damage after an event.
  • Instead of paying for damage that has occurred, parametric insurance pays out if certain agreed-upon conditions are met.

Baloise recognised as one of Switzerland’s most innovative insurance companies of 2023

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星期四, 十二月 14, 2023
European Cybersecurity Competence Centre, Partnership, Insurance, Nature, RDC, Chicago Innovation Awards, Weather, Map, Property insurance, Parametric, Parametric insurance, Bâloise

Baloise wins the people’s choice award for the project  «Rapid Damage Cockpit (RDC)» and the second prize for «Parasurance» at the Swiss Insurance Innovation Awards.

Key Points: 
  • Baloise wins the people’s choice award for the project  «Rapid Damage Cockpit (RDC)» and the second prize for «Parasurance» at the Swiss Insurance Innovation Awards.
  • The innovation award is presented by the online trade journal HZ Insurance in collaboration with a panel of high-profile judges.
  • Baloise took home the people’s choice award as well as second prize at yesterday’s ceremony for the Swiss Insurance Innovation Awards, meaning that Baloise was once again recognised as one of Switzerland’s most innovative insurance companies.
  • The Rapid Damage Cockpit (RDC) helps Baloise to support customers as quickly as possible after an emotionally upsetting event.

Reuters Events: The Future of Insurance Europe 2022 - Timed Agenda Release

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星期五, 八月 26, 2022
Technology, CEO, Insurance, EMEA, Time, Reuters, Life, Parametric insurance, Aegon, Park, Board of directors, AXA, Stonebridge International Insurance Ltd, RTÉ Executive Board, NN Group, Hannover Re, Face, Potential, Innovation management, Management

In such an intense period of change for the industry and the world, the race is truly underway for insurers to keep up with the most innovative start-ups and rising customer expectations - all whilst operating in an increasingly unpredictable environment

Key Points: 
  • London, United Kingdom--(Newsfile Corp. - August 26, 2022) - Reuters Events: The Future of Insurance Europe 2022 presents a unique opportunity to come together and future-proof insurance in the face of global change.
  • And now, you can see exactly what the industry-defining speakers will discuss in just a few months' time in the timed agenda - just released.
  • Discover real case studies directly from leading carriers and cutting-edge insurtechs.
  • You'll walk away with the 'how', not just the 'what', a clear strategy for 2023, as well as the knowledge to achieve previously unimaginable insurance success.

K2 Parametric Partners with Homesite to Write Parametric Natural Catastrophe Coverage

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星期一, 七月 11, 2022
Partnership, ERM, Parametric, AM Best, Management, CEO, Macromedia HomeSite, Industry, Policy, Transport, LLC, MGA, Learning, Parametric insurance, Insurance, Financial services, K2

Under the partnership, K2 Parametric will be able to offer commercial Parametric Natural Catastrophe polices for U.S. earthquake and hurricane risks with limits up to $10 million per policy.

Key Points: 
  • Under the partnership, K2 Parametric will be able to offer commercial Parametric Natural Catastrophe polices for U.S. earthquake and hurricane risks with limits up to $10 million per policy.
  • A Parametric Insurance policy provides payment based on the location and intensity of a natural catastrophe event.
  • Unlike a traditional natural catastrophe property insurance policy, a Parametric Insurance policy does not require the insured to have physical damage.
  • "Homesite Underwriting Managers is excited to add K2 Parametric Insurance Services LLC to our partners," says Grace Meek, CEO & President of Homesite Underwriting Managers.

InsTech report finds parametric insurance well on its way to being a $1 billion a year market

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星期四, 六月 23, 2022
Solution, Chain-link fencing, ICEYE, Arbol, Technology, GWP, Public sector, Earthquake, Munich Re, Insurance, Parametric, Policy, Farmer, Blockchain oracle, Parametric insurance, Pandemic, Pitch, Terrorism, Life insurance, Risk management, Reinsurance

InsTech surveyed 155 market participants working in parametric insurance and found that more than half were seeing 15%, or more, year-on-year growth.

Key Points: 
  • InsTech surveyed 155 market participants working in parametric insurance and found that more than half were seeing 15%, or more, year-on-year growth.
  • The report also highlights where blockchain technology is being used for parametric insurance, such as Arbol's parametric weather solutions which use smart contracts.
  • We are seeing a continuing stream of new entrants into the parametric insurance market being supported by early-stage investors.
  • * Investment figures sourced from PitchBook and include companies whose primary business activity involves parametric insurance, as determined by InsTech.

K2 Insurance Services Launches New Parametric MGA Headed by Industry Veteran, Scott Carpinteri

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星期五, 十一月 19, 2021
Parametric insurance, Insurance, Parametric, Earthquake, Transport, Alberto Carpinteri, SAN, Education, Bertrum Hunter, Tropical cyclone, Policy, Gaps, LLC, MGA, CFO, Knowledge, Multimedia

SAN DIEGO, Nov. 19, 2021 /PRNewswire/ --K2 Insurance Services, LLC is excited to announce the launch of its newest MGA, K2 Parametric led by Scott Carpinteri, a well-known expert in the Parametric Insurance space.

Key Points: 
  • SAN DIEGO, Nov. 19, 2021 /PRNewswire/ --K2 Insurance Services, LLC is excited to announce the launch of its newest MGA, K2 Parametric led by Scott Carpinteri, a well-known expert in the Parametric Insurance space.
  • "Parametric Insurance is my professional passion and I look forward to providing collaborative, bespoke solutions for brokers and clients," says Carpinteri.
  • K2 Insurance Services (K2) is an insurance services holding company, which owns and controls a diverse set of specialty program administrators.
  • Through its MGAs, K2 markets, underwrites, and services over $1 billion annually in niche commercial and personal insurance premiums.

ImageCat announces a new partnership with Reask to deliver their global natural catastrophe models via its risk and disaster management platforms

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星期一, 九月 6, 2021
Articles, Actuarial science, Academic disciplines, Insurance, Reinsurance, Parametric insurance, Risk, Tropical cyclone, Emergency management, Catastrophe modeling, CRESTA

The new relationship will allow ImageCat to leverage Reask's innovative hazard modeling capabilities to deliver cutting-edge risk management solutions across the insurance and reinsurance industry.

Key Points: 
  • The new relationship will allow ImageCat to leverage Reask's innovative hazard modeling capabilities to deliver cutting-edge risk management solutions across the insurance and reinsurance industry.
  • "We're excited to make our suite of global tropical cyclone modelling solutions available to risk managers across the insurance community via the ImageCat platforms," said Thomas Loridan, Chief Executive Officer, Reask.
  • About ImageCat: ImageCat is an international risk management innovation company supporting the global risk and catastrophe management needs of the insurance industry, governments, and NGOs.
  • As a leading provider of risk and disaster management technologies, ImageCat is highly regarded for cutting-edge products, services, and R&D activities, targeting decision support needs at all phases of the disaster management cycle.