Global Parametrics and its partners have been featured in “Fulfilling a Legacy of Societal Risk Management” published by The Climate Change High-Level Champions, Marsh McLennan, UN Race to Resilience, and Adrienne Arsht-Rockerfeller Foundation Resilience Centre. The report, published at COP27, highlights the advances in community-level climate risk reduction and adaptation through insurance sector innovations.
The report features ‘Pioneering Projects’ which reflect the spirit of urgency of climate change adaptation. Two of Global Parametrics’ innovative programs, B-READY and Climate Risk Insurance program, are showcased in this section. These programs demonstrate how parametric solutions, implemented through multi-sector partnerships, contribute to community-based anticipatory action and climate resiliency for those most vulnerable.
The B-READY program harnessed a forecast parametric index to trigger cash transfers to pre-identified vulnerable populations. Using these cash transfers, our partners Oxfam Novib, Oxfam Pilipinas, Plan International Philippines, Plan International provide preparedness training and resources in the days before a climate event in the Philippines, Sudan, and Indonesia. The B-READY program mitigates loss and damage and supports immediate post-event recovery.
The Climate Risk Insurance program, in partnership with the Mahila Housing Trust via capacity from our Natural Disaster Fund, combines a parametric index-based risk transfer solution with climate resilience training on adaptation measures. The program aims to protect female entrepreneurs in urban centres in India from the social, economic, and health risks that heatwaves and floods pose to their livelihoods.
To find out more, read the full report here: https://www.marshmclennan.com/content/dam/mmc-web/insights/publications/2022/november/Race%20to%20Reslience%20Report_COP27%20FINAL.pdf
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- News
- September 6, 2023
CelsiusPro Acquires Global Parametrics, Further Strengthening its Climate and NatCat Risk Solutions and Global Presence
· Swiss-based CelsiusPro will contribute its award-winning climate risk products, technology, and consulting services, aimed primarily at developed markets.
· UK-based Global Parametrics will bring the Natural Disaster Fund, a risk capacity pool committed by British and German government agencies, focused on developing countries.
· Offering will benefit clients in sectors including property, agribusiness, re/insurance, microinsurance, nature-based solutions, and international development.
ZURICH/LONDON, 6 September 2023 – CelsiusPro AG announced today the acquisition of Global Parametrics Holding Company Limited, in a transaction that significantly strengthens its global capabilities to offer parametric risk transfer solutions to both private and public sector clients in developed and developing economies.
The combined CelsiusPro and Global Parametrics group creates an even stronger offering along the value chain of climate and Nat Cat risks, opening new possibilities for businesses, governments, NGOs, and communities to build resilience against perils such as hurricanes, floods, earthquakes, and drought.
The acquisition complements CelsiusPro’s expertise in climate technology and parametric insurance design, structuring, and underwriting, primarily in developed economies, with Global Parametrics’ experience in delivering disaster risk management response in developing countries. Moreover, both companies will combine their expertise as Managing General Agents (MGAs) to attract and deploy additional risk capacity.
After the merger, the Global Parametrics team will continue to manage the Natural Disaster Fund (NDF), a risk capacity pool backed by commitments from the UK Government’s Foreign, Development and Commonwealth Office (FCDO) and by the German Federal Ministry for Economic Cooperation and Development via KfW, Germany’s development bank. The NDF shares risks with global reinsurer Hannover Re, one of Global Parametrics’ longstanding key partners.
Mark Rueegg, CEO of CelsiusPro, said: “The acquisition combines CelsiusPro’s expertise in climate technology and parametric insurance with Global Parametrics’ asset management approach to climate risk through the NDF and its MGA. This is key to our value proposition, as we see an increasing number of NatCat financing facilities, such as the Global Shield initiative launched at COP27, are looking for experts on parametric solutions and risk capital deployment. We are enthusiastic about the strategic fit between CelsiusPro and Global Parametrics, and welcome our new colleagues to our group.”
Angus Kirk, CEO of Global Parametrics, said: “We are grateful to our founder investors, FCDO and KfW (through the InsuResilience Investment Fund, IIF), for their support in the early stages of Global Parametrics’ development. We are very excited about the next chapter with CelsiusPro. This partnership offers numerous opportunities to expand and enhance our offerings, thereby increasing and accelerating our impact on building resilience in underserved communities against the effects of climate change and natural disasters.”
The combined group will serve clients from its offices in Zurich, Sydney, and London.
- News
- July 12, 2023
Expanding protection for smallholder farmers in Africa with One Acre Fund and Howden Broking
Global Parametrics is pleased to announce the expansion of our parametric protection scheme with One Acre Fund for smallholder farmers. We and One Acre Fund have partnered with international insurance group, Howden Broking, to expand the programme this year in Rwanda.
GP has been working with One Acre Fund since 2020 on a parametric solution for excess rain and drought risk, with payments intended to provide financial protection and resources to help farmers mitigate the impacts of extreme weather and improve livelihoods with climate smart investments through One Acre Fund loan protection.
Key highlights of the partnership include:
🔹 2020 One Acre Fund and GP began working in Tanzania on a parametric solution for excess rain and drought risk.
🔹 2022 scaled up to include Tanzania and Malawi, protecting 175,000 smallholder farmers.
🔹 2023 scaled up to include Rwanda, benefiting a further 800,000 people.
🔹 $650,000 expected payout this year following the ongoing East African drought and Cyclone Freddy.
The solution is backed by the Natural Disaster Fund, a public-private partnership managed by Global Parametrics with seed investment from the UK’s Foreign, Commonwealth and Development Office and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) via KfW, with global reinsurer Hannover Re providing matching capacity.
Read more here: https://www.reinsurancene.ws/global-parametrics-one-acre-fund-partner-with-howden-to-expand-parametric-scheme/