Worldwide specialty insurance coverage and reinsurance group Chaucer has introduced its entry into the parametric climate danger switch area, with the launch of a canopy for weather-driven non-damage enterprise interruption.
The product will cowl weather-related losses for climate occasions that fall exterior a pre-established vary of variables akin to temperature, wind pace or precipitation, Chaucer defined, including that it will likely be a “data-centric class of enterprise the place strong quantitative evaluation is paramount”.
Climate Insurance coverage is ready to be a brand new underwriting class for Chaucer, with a brand new specialist staff working it that the corporate has partnered with.
It will likely be led by Dr Ed Byrns, who beforehand held management roles at Citadel and Louis Dreyfus.
Byrns was additionally beforehand the Chief Know-how & Innovation Officer at Munich Re Climate Group and was the CEO and a co-founder of insurtech Demex Group.
He might be supported by a staff of specialists inside the climate danger administration area.
Byrns commented, “I’m excited to be working with Chaucer at this pivotal time for the climate insurance coverage market and creating new merchandise with purchasers on the coronary heart of it. The expansion in climate associated insurance coverage has been accelerated by local weather change and as dangers posed by surprising climate patterns turn into extra frequent, the necessity for insurance coverage merchandise is turning into extra pronounced.”
Duncan Gemmel, Chief Technique Officer at Chaucer, added, “We’re delighted to have Ed Byrns working with us to steer our entry into the rising climate insurance coverage market. He brings a wealth of information and experience and can assist ship the options that our purchasers want.”
