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:
https://www.insurtechinsights.com/future50-europe/?utm_source=Future50s
Related news
- News
- September 24, 2021
Global Parametrics partners with Wharton Risk Center to explore parametric solutions for vulnerable households in New York City
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.
Pioneering Innovation
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/
- News
- September 22, 2021
Launch of NDF Technical Assistance Facility to enable landslide offering in Colombia
Global Parametrics (GP) and Germany’s KfW, one of the world’s leading promotional banks, today announced the first use of the NDF Technical Assistance Facility, a € 3 million grant from the German Federal Ministry for Economic Cooperation and Development (BMZ) designed to facilitate high impact and scalable risk transfer with capacity from the Natural Disaster Fund (NDF) and partners.
The Technical Assistance Facility (TAF) will act as a complement to the NDF – with the objective to mitigate start-up challenges which often occur when designing parametric risk transfer solutions for clients with developmental impact, including the high investment costs of product development, institutional education and distribution in fledging markets. The TAF will also provide funding for research and development activities to create an innovative product offering where market demand has been identified.
Through initial catalytic investment from the TAF, solutions will grow and scale, serving to deepen the risk transfer market in developing and emerging economies. This will contribute to the NDF’s target of indirect protection to between 66 – 105 million poor and vulnerable people under the InsuResilience Global Partnership by 2025.
The first programme to harness the TAF, in partnership with risk modelers ERN and Ingeniar Ltd, will create an offering for landslide risk in the city of Manizales, Colombia. The funding will build a unique rainfall-based landslide model, harnessing rainfall data within Manizales’ network, including historical records and statistics from local stations. Global Parametrics will structure a parametric risk transfer product based on the final index. The risk transfer capacity for this solution is anticipated to come from the NDF and international reinsurance and capital markets.
The parametric programme will provide another layer of protection alongside pre-existing indemnity policies to assist in immediate recovery efforts in the aftermath of a landslide event in Manizales. This disaster management mechanism is anticipated to cover over 260,000 residents in the city. It is envisioned that the product will be able to scale up into a wider offering, to catalyse future market activity for similar solutions in other geographies.
Stefan W. Hirche, Principal Portfolio Manager of KfW, said “With our support of the Natural Disaster Fund, the German government and we at KfW are proud to enable our partner countries to protect their citizens better against climate risks.”
Hector Ibarra, CEO of Global Parametrics stated, “The Technical Assistance Facility is a key instrument to promote innovation in resilience to natural hazards and extreme weather. We are pleased to partner with ERN and Ingeniar to develop this vital protection against landslide risk.”
Mario Ordaz, President of the Board of ERN stated, “The development of a parametric landslide product for Manizales, the first of its kind in Colombia and Latin America, will improve the disaster financing planning at city level, allowing coverage for a recurrent peril.”
Alexa Morales, Director of the Disaster Risk Management Unit of Manizales acknowledged, “We want to consolidate an effective risk reduction and adaptation strategy to allow us anticipate disasters using territorial planning and financial protection strategies, besides responding to them efficiently with the aim of making the city more sustainable, resilient and competitive.”
Omar D. Cardona, CEO of Ingeniar Ltd. said, “Having detailed inventories of landslides by the City and Corpocaldas, besides records of previous rains for each case, together with a real-time warning system and hazard models developed by the National University of Colombia, makes Manizales an ideal natural laboratory.”
About Global Parametrics
Rethinking risk to build more inclusive resilience: Extreme weather events and natural hazards are being intensified by climate change, increasing the frequency and intensity of economic shocks which disrupt business and threaten livelihoods.
Established in 2016, Global Parametrics is a specialty provider of parametric solutions for natural hazard and extreme weather risk in emerging economies. Working with the private, public and third sector, GP uses its innovative climatic, seismic and financial risk modelling to rethink resilience for a new era of risk.
Learn more at: https://globalparametrics.com/
About ERN
ERN is the Latin American leader in catastrophe risk models, evaluating natural and man-made hazard that impact people, buildings and infrastructure. ERN strives to provide solutions to the needs of our clients by extending our knowledge through studies and projects in different regions of the world. ERN’s avant-garde products and services are the results of an experienced team that is always committed to offering state-of-the-art methodologies and tools because of the continuous interest in research, development and technology.
Learn more at: https://www.ern.com.mx/web/index_en.html
About Ingeniar Ltd
INGENIAR has been the main private advisor for the local government of Manizales and the Autonomous Environmental Authority (CORPOCALDAS), leading over the past years the development of state-of-the-art risk management instruments, currently operational in the city. INGENIAR has led the development of the catastrophe risk profiles and disaster risk indicators of most of the countries of Latin America and the Caribbean for the Inter-American Development Bank, and led the development of the multi-hazard Global Risk Model for the UNDRR Global Assessment Reports.