Climate risk modelling solutions provider Reask has teamed up with climate risk insurance broker AXA Climate to offer parametric windstorm insurance solutions.
The partnership will utilise Reask’s Metryc product to provide various parametric insurance solutions based on accurate location-specific wind speed information, post tropical cyclone landfalls on a global scale.
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Reask’s Metryc product was introduced in 2021 to cater to the specific requirements of the parametric insurance industry.
It provides wind hazard intensity metrics days after an event takes place, with a 1km resolution and a globally consistent methodology, ensuring consistent data coverage.
The Metryc Assess service aids in pricing and structuring parametric solutions by offering historic and probabilistic risk perspectives.
Reask CEO Jamie Rodney said: “This partnership with AXA Climate underscores our team’s passion for developing and applying cutting-edge science to real-world problems. AXA Climate’s recognition of our unique position in offering high-resolution, high-quality data globally aligns with our mission to become the currency for parametric insurance products.”
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By GlobalDataAXA Climate specialises in providing a range of services including digital training programmes, specialised consulting, science-based SaaS (software-as-a-service) products and climate insurance products.
These services are designed to equip various sectors such as industrial, financial, agri-food and public to combat climate challenges effectively.
AXA Climate’s alliance with Reask is expected to enhance affordability, improve risk management, as well as expedite claims processes after climate-related events.
Commenting on the alliance, AXA Climate chief underwriting officer Regine Mollenhauer said: “Choosing Reask as our partner was a strategic decision driven by their ability to deliver quality, high-resolution data on a global scale.
“Their approach to probabilistic modelling empowers us to calibrate and structure parametric contracts with precision, ultimately benefitting our clients with faster and more accurate risk transfer solutions.”
In June 2023, Reask partnered with Kettle, an insurtech managing general agent, to offer its location-level, wind speed-based parametric hurricane reinsurance offerings in the US.
