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The Parametric Post, exclusively dedicated to parametric insurance news.
Thought for the day: Seismic Risk in the Digital Era - Issue 71
At this week's premiere of Safehub’s groundbreaking two-minute After the Quake film at Google's modern New York headquarters within St John’s Terminal, InsTech joined Director Donna Smith and a packed audience. This event showcased how accurate, location-specific data for parametric indices is pivotal in disaster management. Safehub offers small, cost-effective sensors - similar to an iPhone size device - that detect building movements during earthquakes. These sensors communicate signals enabling Safehub to measure the damage and define shake intensity indices. Additionally, this information helps decision-makers know if a building can safely be reentered.
Seeking parametric insurance for specific sectors? InsTech connects insurers, MGA's, and brokers with opportunities such as $20 million crop insurance in India May-Dec 2024 or $100 million for Philippines typhoons Apr-Dec 2024.
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InsTech serves as a facilitator, not a broker or professional advisor. Collaborating with ParaRisk a joint effort by 20 Twenty Search and Cerchia, we facilitate pd introductions among key players to help grow the parametric insurance market collectively.
In news brief:
La Ni?a Transition Exposing Latin America to Intense Weather Risks
Weather in Latin America - A report by Swiss Re Institute emphasizes that the region is particularly vulnerable due to a rapid change from El Ni?o to La Ni?a conditions this year. This transition could result in more active hurricanes, placing pressure on infrastructure and agriculture, which remns largely uninsurable.
Growing Adoption of Parametric Solutions Noted by Aon
North America - Latin America - Aon highlights significant growth in the adoption of parametric risk transfer solutions over recent years across North American and Latin American markets. This reflects a shift towards more proactive risk management strategies.
ISF Enhances Resilience for Burkina Faso's Farmers through Drought Insurance
Agriculture in Africa - The InsuResilience Solutions Fund ISF collaborates with Yelen Assurance, Reseau des Csses Populres du Burkina RCPB, and Cordd to introduce parametric drought insurance. This innovative project targets the impacts of climate-induced droughts on agricultural activities, which employ 90 of Burkina Faso's workforce.
The World Bank European Commission Advocate for Disaster Risk Transfer
Europe - The World Bank and European Commission are encouraging European governments to utilize disaster risk transfer mechanisms such as parametric insurance and catastrophe bonds. These initiatives emphasize the need for investments in disaster resilience agnst Europe’s growing climate risks.
SCOR Secures $175 Million with New Catastrophe Bond
North America - French reinsurer SCOR rses capital through Atlas Capital DAC Series 2024-1, a new cat bond offering $175 million USD of risk coverage for US named storms and earthquakes across the US and Canada.
Heat Insurance Launched for Bangladesh Dry Farmers
India - Insurtech Ibisa Network in collaboration with Green Delta Insurance and NGO APDS introduces heat stress insurance for small-scale dry farmers in Bangladesh. This product protect agnst the impact of extreme heat on milk production.
Platinum Specialty Underwriters Acquires Flood Risk Solutions
Flood - Platinum Specialty Underwriters merges with Flood Risk Solutions, Inc. FRS to expand their flood insurance offerings across personal and commercial sectors. Established since 2017, FRS provides tools like a multi-rater for flood risk assessment and parametric options.
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Seismic Risk Management in Digital Era Safehubs Earthquake Sensor Technology Parametric Insurance for Crop Protection Latin America Vulnerability to Weather Changes Aons Growth in Parametric Solutions Adoption ISF Enhances Drought Insurance for Agriculture