Specialist MGA New Paradigm is debuting its annual Global Parametric Insurance & Reinsurance Virtual Conference tomorrow and Thursday (11-12 November), with The Insurer signed up as official media partner for the event.
Parametric solutions are proving to be a fast-growing segment of the marketplace, with interest from a wide range of potential buyers – from government entities and municipalities to corporations – as well as within the industry as an alternative to traditional reinsurance.
Initially the focus has been on providing an alternative mechanism for the transfer of peak zone cat risk, such as quake and windstorm, with cover paying out rapidly based on defined parametric triggers.
The segment has quickly become a centre of innovation however, as intermediaries as well as large insurers and reinsurers develop new structures and products aimed at addressing growing demand as a result of climate change and a range of emerging risks.
Parametric solutions are also being increasingly seen as a way of narrowing the protection gap that is so often present after major catastrophe losses even in developed nations such as the US, where economic losses outstrip insured losses.
For the inaugural New Paradigm Global Parametric Insurance & Reinsurance Virtual Conference, the firm has assembled a strong cast of experts including senior parametric specialists and innovators as well as a range of executives from traditional carriers who are increasingly making use of the products.
The event opens tomorrow at 10am ET with TransRe CEO Mike Sapnar as keynote, followed by a panel discussing the natural disaster protection gap, with speakers including Nephila’s Barney Schauble, AIG’s Duncan Eillis, Peter Miller of Neuberger Berman and Alex Kaplan of AmWINS.
Other panels tomorrow will address how parametric solutions are solving problems in Latin America and the Caribbean, and the use of parametrics as resilience solutions by governments.
On Thursday, panellists will discuss parametric triggers, policy design and modelling considerations, the future for parametric risk transfer (moderated by The Insurer), and the buyer’s perspective, with KCC’s Karen Clark closing out the event.
Click here for the full agenda and to register.