Parametric insurance

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ICEYE, the provider of satellite data and services to inform decision-making and analysis, has unveiled its industry-first hurricane data impact solution that’s designed to provide insurers with near-instant visibility into wind and flood damage across the United States.

By delivering high-resolution impact data within 24 hours of landfall, the solution could significantly improve how insurers assess claims, allocate resources, and even potentially structure parametric insurance products in the future.

According to the announcement, ICEYE’s Hurricane Solution leverages a combination of advanced satellite imagery, ground-based sensors, and auxiliary data to capture a comprehensive picture of hurricane damage.

The system covers vast geographic areas, spanning tens of thousands of square miles, and can pinpoint areas of major neighbourhood and building impact along the hurricane’s track.

Additionally, ICEYE’s synthetic aperture radar (SAR) technology enables on-the-ground monitoring through cloud cover and day or night for continuous impact assessment.

Furthermore, the solution allows users to overlay property portfolio data for the impacted regions with a detailed heatmap that pinpoints neighborhood-level and individual building damage, along with a flood depth footprint measuring water levels in inches.

This level of precision suggests that the data could potentially be used as a parametric trigger, offering a real-time, objective measure to automatically initiate insurance payouts based on observed damage rather than modeled estimates.

Immediate access to this actionable data provides insurers with a comprehensive view of hurricane impacts well ahead of traditional sources. This will ultimately allow insurers to quickly identify the hardest-hit customers, pinpoint areas with high loss concentrations, and strategically deploy field resources.

As well as this, ICEYE noted that insurance carriers will be able to conduct rapid claims triage and immediately identify complex claims that combine wind and flood losses to inform adjuster allocation and help reduce costs.

Rupert Bidwell, Vice President of Insurance Solutions at ICEYE, commented: “Our Hurricane Solution offers insurers a completely new level of situational awareness as we head towards the 2025 hurricane season. Access to near real-time, large-scale damage data for both wind and flood within 24 hours of landfall can help supercharge every phase of the response from initial loss estimates to claims resolution.

“Ultimately, it helps insurers deliver an enhanced customer experience through more effective support, better claims triage, and faster settlement when they need it most. That’s truly game-changing.”

ICEYE launches hurricane solution that shows parametric potential was published by: www.Artemis.bm
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The Governing Board of the California Earthquake Authority (CEA) approved a revision to its guidelines for engaging in catastrophe bond risk transfer to the capital markets this week, while also noting a successful reinsurance renewal at April 1st, saying it secured favourable pricing and limit.

The California Earthquake Authority (CEA) is a significant buyer of reinsurance limit still, even after its risk transfer tower has shrunk over the last year.

The CEA’s risk transfer tower had included just over $9.15 billion of limit as recently as following the June 2024 reinsurance renewal season, but has been steadily shrinking ever since.

As we reported earlier this week, at February 28th 2025 the overall tower stood at just over $7.72 billion.

Of that, catastrophe bonds provide $2.455 billion of multi-year reinsurance protection to the tower, so made up approximately 32% of the total as of that time.

Accessing the catastrophe bond market for reinsurance has been part of the CEA’s risk transfer strategy for many years and since 2011 the earthquake insurer has been a particularly consistent sponsor of cat bond issues.

But the CEA evolves its strategy and has now taken one step this week, to further streamline its use of the capital markets for reinsurance in a closed session of the latest Governing Board meeting.

Governor Designee Michele Perrault explained after the session reopened, “In consultation with legal counsel in closed session, the board approved a revision to the guidelines for securing risk transfer, traditional reisurance and alternative risk transfer.

“This revision removes a requirement that CEA, when transferring risk into the capital markets, procure an insurance policy to indemnify a reinsurer or service providers for claims related to their performance of duty.

“The board made this change in recognition of the maturity of the catastrophe bond market, as well as the increased sophistication of all of the involved parties, including CEA, its service providers and its legal team of in-house and outside counsel.”

It’s perhaps a signal that the CEA feels the cat bond market is mature enough that service providers should be able to participate in such a way that they take responsibility for their own delivery guarantees. Whatever the motive, it’s one additional way the CEA can reduce friction in its interactions with the capital markets for catastrophe bond issuances going forwards.

In our article earlier this week, we also explained that the CEA had a significant reinsurance renewal coming up for April 1st.

The CEA had almost $1.2 billion of traditional or collateralized reinsurance limit that was scheduled to mature on March 31st and we understood had been in the market for a renewal of some or all of that limit.

No figures have been disclosed, but CEA executives appeared highly satisfied with the outcome of its April reinsurance renewal.

Tom Hanzel, Chief Financial Officer of the CEA, noted when discussing the insurer’s finances, the reduction in reinsurance expenses, as the CEA’s reinsurance tower had become smaller over the last year.

But he also noted that the exposure base has stabilised somewhat, which might imply we’ve seen the last of the significant non-renewals that have occurred over the last year.

Hanzel also highlighted that the amount of reinsurance limit being purchased had reduced significantly, also saying that while the CEA’s risk transfer tower limit has come down, there have also been changes to its claims paying capacity overall.

Hanzel said that the CEA staff believes the sweet-spot in terms of claims paying capacity may be at the 380 to 400 year return-period. Recall that it targets maintaining claims paying capacity at least at the 350-year level.

Hanzel said, “We want to buy the correct amount of reinsurance, not over or under, at each period of time.”

Moving on to comment on the April 1 reinsurance renewal, Hanzel said that the CEA’s staff have, “Just finished up our April 1st, or finalising our April 1st renewal, and it was very successful, really well done. I think it was in our favour and our policyholders favour, in the amount of limit and the pricing we were able to secure.

“So that’s the first large reinsurance on a syndicated basis that we’ve done this year, and it went really well.”

Hanzel also said, in reference to the sponsorship of the $400 million Ursa Re Ltd. (Series 2025-1) catastrophe bond earlier this year, “We did the cat bond in February, which went equally well. So we feel strong about where we stand with the risk transfer market coming into 2025.”

It will be interesting to see whether the CEA renewed the full expiring limit of reinsurance at April 1st, or whether its risk transfer tower shrank any further. The commentary on stabilisation of exposure and the favourable renewal outcome might suggest more stability will have been seen in the reinsurance towers’ limit as well.

The CEA has $2.455 billion of outstanding catastrophe bond coverage still in-force at this time, continuing to occupy 3rd position in our cat bond sponsors leaderboard.

View details of every catastrophe bond sponsored by the CEA in the Artemis Deal Directory.

CEA revises cat bond issuance guidelines, says April reinsurance renewal a success was published by: www.Artemis.bm
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As the California Earthquake Authority (CEA) risk transfer needs have been adjusting and its reinsurance tower shrinking, catastrophe bonds now make up almost 32% of the total as of February 28th 2025.

The CEA’s risk transfer tower had sat at just over $9.15 billion of limit as recently as following the June 2024 reinsurance renewal season, but has been steadily shrinking ever since.

The CEA’s risk transfer tower, made up of traditional and collateralized reinsurance as well as cat bonds had totalled $7.99 billion as of Nov 1st 2024.

When we last reported on it, earlier this month based on January 31st information, the California Earthquake Authority’s (CEA) risk transfer tower provided total private market protection of roughly $7.85 billion, of which catastrophe bonds were approximately 31%.

Now, a further disclosure from the CEA shows another small reduction in its traditional or collateralized reinsurance cover , with the overall tower $125 million smaller as of February 28th 2025, at just over $7.72 billion.

Thanks to its recent sponsorship of the $400 million Ursa Re Ltd. (Series 2025-1) catastrophe bond, the CEA still benefits from $2.455 billion of multi-year reinsurance protection provided by cat bond funds and investors.

The traditional and collateralized reinsurance component of the tower remains much larger at almost $5.27 billion as of February 28th 2025.

But catastrophe bonds continue to demonstrate their vital importance for the CEA, now being almost 32% of the total tower as of that date.

Cat bonds were just 25% of the tower as recently as June 30th 2024, which then increased to 28% at November 1st, stayed flat around the 28% mark at January 31st 2025, then 31% after the inclusion of the recent $400 million new cat bond issuance, and now 32% after the latest slight shrinking of reinsurance.

It’s going to be interesting to see how the CEA’s risk transfer tower adjusts after its April 1st reinsurance renewal date.

The CEA has almost $1.2 billion of traditional or collateralized reinsurance limit maturing on March 31st and has been in the market for a renewal of some or all of that, we understand.

The reason for certain non-renewals in the reinsurance tower over recent months is the fact that the CEA’s probable maximum loss at the 1-in-350 year loss event level has been declining at a faster pace that its reinsurance contracts have been coming up for renewal, while it has also been building internal capital as well.

The CEA has $2.455 billion of outstanding catastrophe bond coverage still in-force at this time, continuing to occupy 3rd position in our cat bond sponsors leaderboard.

View details of every catastrophe bond sponsored by the CEA in the Artemis Deal Directory.

As we also reported earlier this year, the California Earthquake Authority (CEA) has been exploring the need for either a pre-funded subsequent or second-event funding tower (with risk transfer and reinsurance perhaps a part of it), or the infrastructure for one, that would support its functions after a significant earthquake loss that depletes its claims paying ability, with a focus on ensuring financial stability for the long-term.

Cat bonds move up to contribute 32% of CEA’s smaller still $7.72bn reinsurance tower was published by: www.Artemis.bm
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Allianz Commercial, part of global insurer Allianz, has announced the appointment of Lara Martiner as Global Head of Alternative Risk Transfer at Allianz Global Corporate & Specialty SE (AGCS), effective April 1st, 2025, succeeding Grant Maxwell, who is leaving the German insurer at the end of June.

Martiner will also maintain her current role as Chief Executive Officer (CEO) of AGCS subsidiary, Allianz Risk Transfer AG.

Martiner has been with Allianz Group for over 14 years, having joined the company in 2011 as Legal Counsel, Head of Compliance, and location head in Zurich.

Throughout her career, she has held several senior roles within AGCS and its Alternative Risk Transfer division, including joining the executive board of Allianz Risk Transfer AG in October 2021 and taking on the role of Chief Executive and General Counsel one year ago.

Alternative Risk Transfer is a strategic growth area for Allianz Commercial, with increasing demand from clients looking to complement their traditional risk transfer programs with non-traditional solutions.

Parametric risk transfer remains a key component of the Allianz ART offering. In the past the group had a significant role in fronting for insurance-linked securities (ILS) capital providers, although has since pulled-back from that area.

In 2024, the firm’s Alternative Risk Transfer unit underwrote over €2 billion in gross written premium including fronting premiums.

With growing demand for non-traditional risk transfer solutions, including structured insurance, captive fronting, and bespoke risk solutions such as parametrics and sustainable solutions, Alternative Risk Transfer has become a strategic growth area for the firm.

“Congratulations to Lara on her appointment to this key role in our business and I look forward to working with her,” commented Vanessa Maxwell, Chief Underwriting Officer at Allianz Commercial.

Adding: “Alternative Risk Transfer is an area of key growth for us, and I have every confidence that she will continue to build on our capabilities and expertise, for the benefit of our wider business in future. I would also like to thank Grant for his capable and effective leadership of this business unit over the last five years and his almost 17 years with Allianz Group.”

Lara Martiner appointed Global Head of Alternative Risk Transfer, Allianz (AGCS) was published by: www.Artemis.bm
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The California Earthquake Authority (CEA) shrank its risk transfer tower through the January renewals, as its traditional reinsurance placements saw further contracts expire, resulting in its catastrophe bonds making up a larger share of the overall at now more than 31%.

When we last reported on the CEA’s risk transfer tower, made up of reinsurance and cat bonds, it totalled $7.99 billion as of Nov 1st 2024.

The risk transfer tower had sat at just over $9.15 billion of limit as recently as after the June 2024 reinsurance renewal period, but has been steadily shrinking since.

The reason for a raft of non-renewals in the reinsurance and risk transfer tower has been the fact that the CEA’s probable maximum loss at the 1-in-350 year loss event level has been declining at a faster pace that its reinsurance contracts have been coming up for renewal.

This trend continued at the January 2025 reinsurance renewals, as renewed contracts were secured in lower volumes than those that expired.

The CEA had single and multi-year reinsurance contracts amounting to just over $2.48 billion that were scheduled to run off-risk after December 31st 2024.

At the January 2025 renewals just over $2.15 billion of traditional reinsurance was renewed.

As a result, the traditional reinsurance component of the reinsurance tower shrank from roughly $5.72 billion at November 1st 2024, to just over $5.39 billion as of January 31st 2025, the latest data reported.

At that time, the CEA’s transformer program of catastrophe bonds amounted to $2.055 billion, but since then the earthquake insurer had sponsored an additional $400 million Ursa Re Ltd. (Series 2025-1) cat bond as well.

Taking the cat bond component of the California Earthquake Authority (CEA) risk transfer tower to $2.455 billion at this time, which now contributes some 31% of its total private market protection of roughly $7.85 billion.

Cat bonds have become a growing component of the CEA’s risk transfer arrangements, having made up just 25% as recently as June 30th 2024, which then grew to 28% at November 1st, stayed flat around the 28% mark at January 31st 2025 and has now jumped to 31% on the latest cat bond issuance.

The multi-year nature of catastrophe bonds and the way maturities stagger through the different vintages sponsored, has helped the CEA maintain a strong risk transfer tower even while going through the changes to its PML and resulting shrinking of overall reinsurance protection needs.

A further $1.2 billion of traditional reinsurance limit matures on March 31st this year, so it will be interesting to see how much is renewed at April 1st and whether the share of the tower contributed by the catastrophe bond market grows further after that date.

The CEA has $2.455 billion of outstanding catastrophe bond coverage still in-force at this time, continuing to occupy 3rd position in our cat bond sponsors leaderboard.

View details of every catastrophe bond sponsored by the CEA in the Artemis Deal Directory.

As we reported in January this year, the California Earthquake Authority (CEA) has been discussing the need for either a pre-funded subsequent or second-event funding tower (with risk transfer and reinsurance perhaps a part of it), or the infrastructure for one, that would support its functions after a significant earthquake loss that depletes its claims paying ability.

CEA catastrophe bonds now 31% share of tower, as risk transfer declines to $7.85bn was published by: www.Artemis.bm
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Managing general agent (MGA) XS Global has bolstered its alternative risk transfer (ART) and parametric capabilities with the hire of former Cooper Gay and Meteo Protect executive, Gabriel Gross, who joins the firm as Director of ART & Parametrics.

In his new role, Gross will be based in Paris, where he will lead the expansion of XS Global’s parametric portfolio and secure additional capacity for a global diversified book of business.

At the same time, he will also be expected to drive the development of parametric solutions by leveraging technology and industry expertise.

Gross is an established insurance executive with over 15 years of industry experience, and a strong focus on innovation, technology, climate risks, and sophisticated risk transfer products.

In 2011, Gross founded Meteo Protect, the Lloyd’s coverholder and reinsurance underwriting platform that specialises in parametric insurance programs and provides parametric risk transfer technology and services, which was later acquired by Cooper Gay in 2020.

Since then, Gross has served as the Director of Parametric Solutions at Cooper Gay, where he developed parametric solutions implementing the processes, and methods from Meteo Protect.

In addition, Gross also served as the Chief Executive Officer (CEO) of Atacama Innovation, a licensed insurance, reinsurance, and weather derivatives broker and Cooper Gay partner, focused on delivering risk transfer solutions.

Addressing his new role, Gross said: “I am excited about the opportunity to lead the Parametric division at XS Global. Working with the exceptional team at XS Global and partnering with sister company Eureka Re (Reinsurer Company), offers a unique opportunity, and I look forward to growing this division over time and serving the growing demand for parametric risk transfer of climate and other natural risks.”

XS Global hires insurance veteran Gabriel Gross to lead ART & Parametrics division was published by: www.Artemis.bm
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Floodbase, a specialist in parametric flood risk, has raised $5 million in investment funding, in a round led by Ecosystem Integrity Fund (EIF) with participation from Pulse Fund, with the company planning to use the funds to accelerate the development of its flood insurance programs.

Led by its CEO, Bessie Schwarz, Floodbase is a parametric platform that is used for insuring uncovered flood risk.

Floods are among the most common and pervasive natural disasters, yet 83% of global economic flood loss over the past decade was uninsured, Floodbase highlights.

Looking back at Hurricane Helene from last year, the event alone caused an estimated $75 billion in economic damage, mainly due to flooding.

Season after season, businesses and local governments face constant financial uncertainty, as well as extensive costs from flood damages, lost revenue, and recovery expenses.

With flood intensity and frequency expected to rise, addressing uninsured risks and securing rapid access to funds during floods is crucial, Floodbase notes.

Bessie Schwarz, Co-founder and CEO of Floodbase, commented: “Flood insurance has typically been limited to direct property damage, which only represents a fraction of the overall economic loss.

“We’re enabling a financial safety net that can cover any economic loss associated with a flood event. Not only does this remove uncertainties around what’s covered, the fast and flexible liquidity is a game changer for those managing the aftermath.”

Schwarz added: “With the growing demand for new flood insurance programs, we are thrilled to partner with EIF to accelerate our growth. We’ve known EIF for a long time and are excited to formalize our partnership. With their support, we’ll continue to lead and empower the market to close the global flood protection gap.”

Sasha Brown, Partner at Ecosystem Integrity Fund, said: “New solutions are urgently needed to adapt to an increasingly volatile climate. The frequency and severity of floods is growing, adding to the already tremendous global flood protection gap. Floodbase can power a new category of flood insurance products and has become the preferred platform for its insurance partners. We are thrilled to be partnering with the company to help accelerate the growth of their critical resiliency offering.”

Pulse Fund Founder and Managing Partner, Tenzin Seldon, added: “By funding adaptation projects and cutting edge climate tech companies like Floodbase, Pulse Fund aims to bolster resilience and enhance the economic security of communities. Floodbase’s platform enables a much needed, new category of flood insurance products at a time when historic flood events, and the financial devastation they cause, are becoming the norm.”

Floodbase, which was co-founded by Schwarz and Dr. Beth Tellman, previously raised $12 million in a Series A funding round in early 2023.

According to Floodbase, since its Series A round in 2023, the company has become the preferred partner for a number of different of re/insurers, including Swiss Re Corporate Solutions, Liberty Mutual Re, and AXA Climate.

Floodbase has now raised $17 million in venture capital, which includes investments from Collaborative Fund, Floating Point, Lower Carbon Capital, and Vidavo Ventures.

Floodbase raises $5m in funding to advance parametric flood insurance solutions was published by: www.Artemis.bm
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NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group that operates the first pure-parametric syndicate at Lloyd’s, has added to its sensor-based technology for parametric risk transfer with the acquisition of the UK’s FloodFlash.

FloodFlash is a flood risk focused insurtech  that offers an innovative sensor-based approach to parametric flood insurance using its own sensor-based technology which are installed in homes and businesses to provide a measurement source for data that can be used in a parametric insurance trigger.

These internet connected sensors can be installed in any location to provide a real-time measurement of flood waters, so furnishing measurement and settlement data for parametric insurance, reinsurance and risk transfer contracts.

This allows for very simple and understandable triggers for risk transfer buyers, such as if flood waters reach X depth payout will be Y.

NormanMax has access to sensor based technology for parametric hurricane and wind contracts in the United States, for which it utilises the WeatherFlow network of connected anemometers.

So an acquisition of FloodFlash, which we understand to be mainly about the technology, seems a good fit to expand NormanMax’s technology focused parametric underwriting activities.

FloodFlash said that it has agreed terms to be acquired by NormanMax Insurance Holdings, Inc., subject to FCA approval.

The company said that it will continue to operate as an MGA and Lloyd’s coverholder, while its product will continue to be available to distributors and customers in the US, UK and elsewhere.

Adam Rimmer, CEO and co-founder of FloodFlash, commented, “I am very pleased to share the news of the acquisition of FloodFlash by NormanMax and can’t wait to work closely with Brad and the NormanMax team. This was an easy decision: there are powerful opportunities that come from combining a world-first parametric product with the world’s first parametric Lloyd’s syndicate. The partnership enables our ambitions for FloodFlash to build upon relationships with brokers and customers in the US and UK, to expand rapidly into new territories and perils, and to help more people recover from catastrophe using parametric insurance.”

Brad Meier, CEO of NormanMax, added, “NormanMax is delighted to have agreed terms to acquire FloodFlash. Utilising revolutionary technology to provide the best insurance solutions possible is core to our business, and FloodFlash’s sensor technology leads the parametric flood market. We are excited to expand our offering to protect customers from one of the most prevalent natural catastrophes in the world and l look forward to working with Adam, Ian and the FloodFlash team.”

We understand from sources that FloodFlash had been hit by a relatively high-level of claims in recent months due to repeated flood events in the United Kingdom, with its sensor technology responding to provide rapid payouts to its clients.

Sensors are an important part of the parametric risk transfer delivery stack now and we’ve been writing about their importance for well-over a decade.

Having accurate, real-time access to data of on the ground conditions allows for close calibration of triggers for very specific and localised risks, while a wide-area approach of sensor installs allows for interesting triggers to be constructed that can serve larger clients, as well as reinsurance and retrocession needs.

Bringing together sensor technology from wind speed anemometers with flood depth measurements could be a compelling way to sell a parametric product covering hurricanes and storm surges in the United States. It will be interesting to see how NormanMax takes the FloodFlash technology forwards.

NormanMax gets more parametric sensor tech with FloodFlash acquisition was published by: www.Artemis.bm
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Kairos Risk Solutions, a regional risk consultancy firm headquartered in Singapore, in collaboration with Thailand-based insurance broker, CHAZ Insurance Brokers, has finalised a parametric insurance solution designed to protect an offshore aquaculture firm against the impact of typhoons in the South China Sea region.

According to Kairos, this is the first parametric insurance deal to close via its collaboration with CHAZ Brokers.

The Singapore-based, boutique insurance solutions consultancy explains that the client is a prominent, regional company operating in offshore aquaculture, which has experienced challenges with lower yields as a result of typhoons.

To combat this, CHAZ Brokers offered a structured, annual cat-in-a-box typhoon cover that is designed to payout based on severity from Category 2 to Category 5 typhoons.

Kairos reveals that this innovative solution protects the client in two separate locations in the South China Sea region.

Jeffrey Khoo, Chief Executive Officer, Kairos, commented, “Interest in parametric insurance is growing steadily in Southeast Asia. The challenge would be to develop parametric solutions that are economically sensible while adequately addressing the risk exposure of clients.”

The cat-in-a-box remains one of the most popular parametric insurance structures, designed to payout if a catastrophe, such as a typhoon, occurs in a given, pre-agreed area, so long as the cat meets the minimum pre-agreed intensity threshold and goes through the box.

Kairos and CHAZ Brokers develop parametric typhoon cover for offshore aquaculture firm was published by: www.Artemis.bm
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Africa Specialty Risks (ASR), a pan-African-focused reinsurance group, has announced that it has appointed insurance veteran Sylvain Coutu as Head of Innovation and Sustainability, where he will lead the firm’s Parametric division, overseeing underwriting, business development, and portfolio management.

ASR also confirmed that in his new role, Coutu will be involved in product development and market expansion, where he will focus on strengthening the company’s sustainable parametric solutions in growth markets.

Overall, Coutu brings over 10 years of expertise across the insurance sector towards his new role.

He joins ASR from AXA Climate, where he served as Head of Agricultural Insurance, and was responsible for developing financial risk solutions in agriculture, forestry and other natural assets for the company.

Before he joined AXA Climate, Coutu worked at reinsurer Swiss Re, where he served as a Senior Agriculture Underwriter, before later being promoted to Head of Innovation & Special Lines.

Earlier this month, ASR also added Fanny Dunner as an Underwriter within its Parametric division, where she will report to Coutu.

Based in London, Dunner joined ASR from Italian insurer Generali, where she previously served in a similar role.

Addressing his appointment, Coutu said: “I am very happy to be joining ASR at such an exciting stage in its journey. I look forward to working with the team to deploy solutions which will build more resilient and sustainable communities throughout Africa and the developing world.”

Martin Boreman, Director of Underwriting, added: “Sylvain’s appointment underscores ASR’s commitment to enabling sustainable development across Africa, the Middle East and other growth markets. His experience in building and deploying sustainable and technology-based insurance solutions will be instrumental in supporting our efforts to build resilience across our key markets.”

“I’m also pleased to welcome Fanny to ASR. She is a seasoned parametric underwriter and will continue to position us as the leading specialty underwriting firm in developing markets.”

Africa Specialty Risks appoints Sylvain Coutu to lead its Parametric division was published by: www.Artemis.bm
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