CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that British Virgin Islands and Montserrat have joined the facility and purchased coverage for the 2018/19 policy year, beginning June 1. Both countries obtained tropical cyclone and excess rainfall policies …
Assured Risk Cover, provider of StormPeace residential parametric insurance, has announced that former Florida Insurance Commissioner Kevin McCarty has joined its board of advisors. McCarty served as Florida’s first appointed insurance commissioner from 2003 to 2016 and president of the …
Miami Beach’s tourism industry has suffered one blow after another in recent years. First, Brazil’s economy tanked and a strong U.S. dollar prompted would-be international travelers to stay home. Then Zika scared off visitors. By the time Hurricane Irma hit …
Corporate risk managers are buying parametric insurance policies to supplement, not replace, their indemnity-based policies. The parametric products worked well with customers hit by the 2017 hurricanes, according to Robert Nusslein, head of Swiss Re’s Innovative Risk Solutions Americas, who …
Britain is backing a hedge fund that aims to raise $200 million to give developing countries access to climate risk insurance. Britain’s Department for International Development (DFID) is investing 25 million pounds ($35 million) over a 20-year period in the …
Parametric insurance can play a significant role in closing the insurance protection gap – a problem that plagues economies in both the developing and developed world, according to a report published by Clyde & Co. The protection gap is the …
After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …
New types of insurance could cut the costs of natural disasters for poorer countries and reduce the amount of humanitarian aid needed, according to a report commissioned by Britain’s international development ministry. The cost of natural disasters to some of …
Swiss Re has partnered with Ping An Property & Casualty Insurance Co. of China Ltd. to launch China’s first mobile-enabled typhoon property parametric insurance solution. This solution is designed to provide an affordable, easy-to-use insurance product for both individuals and …
The Caribbean Development Bank and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have launched a Caribbean risk management project. Formally known as “Integrated Sovereign Risk Management in the Caribbean,” the project aims to enable Caribbean countries to take …
