Weekly Newsletter 13 November: Parametric powers on
We have had a busy parametric week at InsTech. Our event hosted with Miller touched on the role that broker teams are playing in creating a bigger, more successful parametric market.
Additionally this week on the podcast, Robin Merttens sat down with René Mück, Global Head of Parametric NatCat at Munich Re, and Marcel-Steffen Reif, Global Head of Weather Agricultural Risks. With Munich Re’s reputation as a leader in providing capacity and expertise, René and Marcel are at the forefront of addressing the challenges posed by natural catastrophes and weather volatility.
Traditional insurance often falls short of providing comprehensive cover for high risk or complex coverage — a hotel on a hurricane-prone Caribbean beach or a logistics company crippled by supply chain delays. Parametric policies with predefined triggers, such as wind speeds or rainfall levels, allow payouts to be processed quickly without the need for lengthy claims assessments.
While the benefits are clear—speed, transparency and adaptability—parametric insurance remains underutilised. Many businesses are unaware of its potential or have concerns that loss may occur but the parametric payout is not triggered, for example if hurricane passes by with lower windspeeds.
Looking ahead, René and Marcel see opportunities in emerging markets, green energy sectors and public resilience programs. For industries navigating a volatile climate, parametric insurance is not just a product—it’s a strategy for resilience. As demand grows and awareness spreads, its role in managing global risks will only become more vital.
Catch more about Munich Re and parametric in the podcast episode below.
The latest from InsTech
WELCOME TO THE COMMUNITY: Grappler
We are delighted to announce that Grappler has joined the InsTech community. Grappler Accounting Automation software addresses the back-office accounting challenges faced by syndicates, MGAs, service companies, cover holders, agencies and insurers worldwide. Grappler was recognized among the top insurtech companies for its technology solutions in Insurance Business Magazine’s recent list.
WELCOME TO THE COMMUNITY: OIP Robotics
We are delighted to announce that OIP Robotics has joined the InsTech community. OIP is an InsurTech solutions company primarily focused on solving problems in complex risks and surplus lines sphere.
Upcoming events at InsTech
Exponential Risk London 25, 4th-5th March 2025
Join us in March to improve your understanding of catastrophe risk, climate and insured property. With a strong focus on education and collaboration, we’re bringing together the insurers, suppliers and brokers to talk about the issues affecting the industry in 2025 and the tools and data available.
EVENING EVENT: Looking back to the future in insurance: a 2024 retrospection and 2025 predictions, 19 November, 6:00 pm GMT
InsTech is hosting a special evening event where we will provide an industry end of year report on 2024 and a look at 2025, with an assessment of the opportunities and some predictions as to what lies ahead. Join us and find out what to look for in 2025 to stay informed and on top of your game.
WEBINAR: Beyond Grenfell: Navigating fire risk, cladding and building safety in 2024, 20 November, 3:00 pm GMT
Since the tragedy of the Grenfell Tower fire, property owners, insurers and lenders have been struggling to understand and mitigate the risk from flammable cladding. This event reviews the approach taken by PriceHubble to develop accurate fire risk assessment data for buildings with external cladding. This database is now available to licence and is designed for insurers, risk managers and others responsible for managing fire risks.
NETWORKING EVENT: Pick, blend, ingest, enjoy – Making the whole greater than the sum of its parts in wine and technology, 26 November, 6:00 pm GMT
Still a few places left for InsTech members and friends to join us and enjoy an evening of fun, insights and networking whilst tasting a selection of wines from around the world. Our selection of wine has been provided by experts in EY, PKF Littlejohn, Root Platform and inari, curated by InsTech Chairman, Robin Merttens.
News from the InsTech members
Cytora partners with Dataplor
Cytora has partnered with Dataplor to integrate its human-reviewed location intelligence, covering over 250 million locations worldwide, into Cytora’s platform, enabling property insurance underwriters to assess risks faster and more accurately.
Earnix 2024 Industry Trends Report
Based on a survey of 431 global insurance executives, the report examines strategies for business growth and staying competitive amid critical industry developments.
Moody’s article on Loma Prieta Earthquake
Moody's highlights the evolving seismic risks and vulnerabilities in California's Bay Area. A repeat of a 1989 Loma Prieta-scale earthquake today could cause massive uninsured losses, despite improved infrastructure resilience and retrofitting efforts since the earthquake.
AIR Parametric launches new dairy product with Guy Carpenter and Liberty Mutual Re
AIR Parametric, in partnership with Guy Carpenter and Liberty Mutual Reinsurance, has launched Milkshake, a parametric insurance product to protect US dairy producers from heat stress affecting their livestock.
Volt Underwriting joins Swiss Re Reinsurance Solutions
Volt Underwriting has partnered with Swiss Re and Bellwether to utilise CatNet wildfire risk intelligence, enhancing precision and insight in underwriting energy sector risks.
X Bellwether: Predicting Natural Disasters
Time Magazine writes about X, Alphabet’s moonshot division, Bellwether, a wildfire prediction tool using AI and 600 geospatial data layers to forecast wildfire risks up to five years ahead.
AdvantageGo launches blog with FortifyData
AdvantageGo and FortifyData have partnered to provide underwriters with cyber risk insights, enhancing risk selection and pricing precision by leveraging real-time data on cyber vulnerabilities and threats.
Previsico 14th in the Deloitte Fast 50 awards and won the Midlands regional award
Previsico has been named in the Deloitte Fast 50 2024, recognising its rapid growth and innovation in providing flood forecasting and prevention solutions.
Fadata Partners with Eclipse
Fadata has partnered with Eclipse to integrate its customer communication platform, enhancing insurers' capabilities to streamline client interactions and improve customer experience.
Chaucer Case Study: Reducing cyber risk for nuclear power plant operators
Lloyd’s Syndicate 1176, in conjunction with the Chaucer Cyber team, has developed a Malicious Act cyber insurance policy specifically targeted to cover the operating systems of Nuclear Power Plants.
Allianz Trade introduces Surety Green2Green
Allianz Trade has launched its Green2Green initiative, offering sustainable surety bonds to support environmentally friendly projects.
Crux Underwriting selects mea
Crux Underwriting has selected mea’s GenAI-powered platform to enhance broker services and improve operational efficiency.
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Thanks for the welcome. Looking forward to engaging with the community!
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2wI made a Mind Map, using mapify.so, of this week's Instech podcast