Co-founder Jerry Skees discusses how his development experience helped get Global Parametrics off the ground. In the interview with Eastern Standard’s Tom Martin, on WEKU, he touches on how his agricultural background led to opportunities traversing many corners of the world. This brought the “link between development, poverty and natural disasters into a much larger story for me to understand the economics of disasters and how it impacts the poor the most.”
Global Parametrics has been ranked no. 1 in Insurtech Insights’ and Sønr’s Future50 Europe- the industry’s definitive ranking of early-stage insurtech startups shaping the risk transfer landscape in Europe.
This award is the result of months of research, with input and critical analysis from some of the most experienced and influential names in the industry. Global Parametrics was selected amongst thousands of contenders for the top spot.
Produced by Insurtech Insights and Sønr Global, a leading market intelligence platform for the insurance sector, thousands of organisations were whittled down to a shortlist of over 300 before the final Future50 were selected by a panel of over 20 C-level judges. Judges hailed from some of the most highly regarded insurance companies worldwide.
Insurtech Insights bases their rating system on The Sønr Index which evaluates millions of data points across the following criteria:
- People: The key people across the business, taking in factors such as where they have studied, their past involvement with startups or notable companies, their known network, and whether they are considered experts in their field.
- Product: Including the core tech stack of the business, patents they have registered, the customer problem they have overcome and any exceptional tech or experience they have created.
- Performance: Growth metrics such as downloads, partnership, investments and traction. And other attributes including financials, market sizing and performance traction to date.
We are honoured for this recognition, which validates both our work and our mandate in delivering solutions to mitigate risk to climate and extreme weather.
See us featured in the full Future50 here:
While GP’s efforts to close the disaster protection gap have largely focused where the need is most profound in low- and middle-income economies, vast opportunities also exist to bring some of our lessons learned to vulnerable communities in higher income countries. This is precisely our motivation for supporting the Wharton Risk Center and the New York City Mayor’s Office of Climate Resilience alongside Guy Carpenter in the project: Promoting the Post-Flood Financial Resiliency of Low and Moderate Income Households.
The project recently received Civic Innovation Challenge award from National Science Foundation (NSF)/ U.S. Department of Homeland Security. The objective is to increase the financial resilience of low and moderate-income households in New York City to escalating flood risk through the use of inclusive insurance and innovative parametric solutions.
GP has been a pioneer integrating parametric solutions into the financial sector in low- and middle-income countries. In our flagship transaction with VisionFund International, we designed a disaster risk financing programme that blends the use of contingent credit and parametric risk transfer. This solution aims to help VisionFund’s microfinance institutions (MFIs) stabilize their balance sheets and access emergency liquidity after a disaster in order to help their borrowers recover more quickly. When disasters hit, lenders typically pull back liquidity, which makes recovery more challenging for the communities they serve. In contrast, the VisionFund initiative promotes quick, countercyclical financing to MFIs and their borrowers to speed up recovery. Now in its fourth year of operations, this programme includes tailored solutions for four different perils and for MFIs in 28 countries across Africa, Asia, and Latin America.
More recently, GP launched the Climate Resilience Enhanced Debt (CRED) product alongside Enabling Qapital, which embeds emergency liquidity and balance sheet support into a traditional wholesale loan product for MFIs. The first CRED transaction provides flood and drought protection to Chamroeun’s portfolio of agriculture loans in Cambodia.
As part of this new effort in New York City, GP will be helping to explore ways to work with local Community Development Financial Institutions (CDFIs) to incorporate similar parametric solutions as those deployed alongside VisionFund and Enabling Qapital. CDFIs represent a key lifeline to low and moderate-income households and finding ways to help these institutions promote faster recovery within the communities they serve can go a long towards building resilience and closing the disaster protection gap.
Read more about the programme here: https://riskcenter.wharton.upenn.edu/civicinnovations/