Global Parametrics aim to improve access to cover by means of parametric products in emerging markets. These constitute a type of insurance that covers the probability of a predefined event happening, rather than indemnifying actual loss incurred.Read more
Global Parametrics (GP) has structured two risk transfer solutions using its new Water Balance Index (WBI), enabling partners IBISA and One Acre Fund to provide drought and excess rainfall protection in India and Tanzania. The WBI estimates changes to the proportion of water in soil, using monthly rainfall, evapotranspiration and other weather variables such as temperature and wind speed. WBI has uses worldwide: to hedge drought risks and reduce the negative impacts of water imbalance on crops, closely tied to water shortages, food insecurity and economic losses.
Global Parametrics was honoured to be featured in the IDF’s report “The Development Impact of Risk Analytics“. The IDF is a partnership led by the insurance industry and supported by the UN, World Bank, NGOs and other international organisations, calling for international collaboration to develop and share capabilities in disaster risk understanding where it is needed most. The report encompasses the contributions of over 30 industry professionals, across private sector, development agencies and specialists, academia and international NGOs.
GP’s work delivering anticipatory cash transfers with Oxfam and Plan International for the B-READY programme in the Philippines was featured. B-READY harnesses digital cash transfer and forecast parametric index to trigger payments to vulnerable households prior to tropical cyclones making impact, strengthening the resilience of local communities.
Read the IDF report here: https://www.insdevforum.org/report-development-impact-risk-analytics