The parametric product, underwritten by Swiss Re and provided locally by ICICI Lombard, was triggered by 40°C heatwaves in May, paying out to 46,242 low-income women in India.
India's 'Bima Vistaar' product includes insurance coverage for life, health, personal accident, and property, and a parametric claims process for property.
US$13.75m Cumulus Re is modelled by Parametrix and uses a parametric trigger to protect Hannover Re against cloud outage loss accumulation in its cyber portfolio.
PNG and Fiji workshops follow MOU signed in Sep 2023 and will help support local development of parametric insurance for regional insurers, reinsurers, and central banks.
