Parametric Insurance and Policy Wordings

27th October 2024 Online - Africa / Europe / Middle East

Parametric Insurance and Policy Wordings

The Parametric Insurance and Policy Wordings Course aims to provide participants with a comprehensive understanding of parametric insurance, highlighting its benefits and drawbacks. Participants will gain insights into the differences between parametric solutions and other insurance solutions, as well as an overview of the main parametric products available in the market.

From a commercial and reinsurance perspective, participants will learn about the importance of wordings for parametric insurance and contracts. The course will also cover parametric insurance policies, including aspects related to improved modeling and global parametrics. Through these learning objectives, participants will acquire the necessary knowledge to effectively design, implement, and manage parametric insurance solutions in various contexts.


Learning Objective:

  • Introduce participants to Parametric Insurance, explaining its concept and principles.
  • Highlight the benefits and drawbacks of Parametric Insurance compared to traditional insurance.
  • Differentiate between Parametric Solutions and other insurance solutions, emphasizing their unique features.
  • Explore the main Parametric Products available in the market.
  • Provide insights into the commercial and reinsurance perspective of Parametric Insurance.
  • Discuss the importance of wordings for Parametric Insurance and Contracts, focusing on key clauses and considerations.
  • Examine various Parametric Insurance Policies, their structure, and components.
  • Explore how improved modeling techniques are enhancing Parametric Insurance.
  • Discuss the role of Global Parametrics in the insurance industry and its impact on risk management.
COURSE OUTLINE
SESSION: Understanding Parametric Coverage and Why It Matters: An Introduction to Parametric Insu​rance

- What is Parametric Coverage?
 - How does parametric insurance work?

SESSION: Defining the Features of Parametric Insurance and Highlighting its Benefits and Drawbacks.
 - The potential of parametric insurance
 - What happens next with parametric insurance?
 - An eye on emerging risks
SESSION: The Difference Between Parametric Solutions and Other Insurance Solutions - Knowing when parametric insurance can be used in place of or in addition to traditional insurance
SESSION: Recognizing the Main Parametric Products Offered or Being Developed Currently
SESSION: Parametric Insurance: The Commercial and Reinsurance Perspective
 - The Development of Insurability
 - The Parametric Market
 - Challenges Facing Parametric Insurance
SESSION: Wordings for Parametric Insurance and Contracts
- Standard products and contract wordings; some customisation
 - Policy wordings/Exclusions
 - Overview of Clauses
BREAK
SESSION: A Demonstration of Parametric Insurance Policies - Dealing with Valuation issues under the Indemnity Principle.
SESSION: Reducing Basis Risk via Improved Modelling - Or, Leveraging Mixed Models
SESSION: Understanding the Trigger: Discussing Parametric Insurance with Global Parametrics
 - The technology underpinning this innovative coverage?
 - Opportunities and Challenges in creating demand for Parametric solutions
 - Technical Specifics
SESSION: Case Studies and Various Product Examples / How They Can Be Utilised - Review of Supply Chain Attacks, Dependent Business Interruption, and the Function of Parametric Insurance in Their Mitigation
Questions & Discussion

Our Trainer

Our Trainer is an accomplished Reinsurance Professional with over 30 years hands-on exposure to designing and negotiating Reinsurance Contracts with leading International reinsurers as Swiss Re, SCOR, Catlin, GIC Re et al. Have achieved optimal terms for start-up cedants with a view to facilitate growth and enhance market share.

Negotiating all aspects of the treaty Program has been a forte to achieve best of breed solutions. This frequently encompassed incorporating clauses best suited for cedants with a view to manage exposure amidst suitable capacity. Treaty Programs and Facultative covers have been adroitly handled from a value-added perspective”

LIMITED SEAT​S
FEE
$399

Registration fee only covers cost of agreed sessions & presentations. Fee is not inclusive of 10% Admin/Bank Charges.

Note: All payments are made in USD

 Today, parametric insurance is applied across a wide spectrum of scenarios. It provides coverage for waterfront hotels in the hurricane-prone Caribbean, offshore platforms in the Gulf of Mexico, and helps hedge against reduced retail revenue after major earthquakes. Parametric insurance has also been instrumental in covering public sector assets for storm damage, protecting car dealerships from large hail, and enhancing benefit programs to aid companies in supporting employees and their families after significant natural disasters.
Parametric insurance is becoming increasingly popular in the industry due to advancements in big data, the development of reliable indexes, and sophisticated technology for monitoring triggering events. Its straightforward settlement process helps mitigate the uncertainty caused by inflationary impacts in traditional insurance lines.
WHO SHOULD ATTEND
  • Practitioners at Senior and Middle management levels seeking non-traditional solutions for Insurance and Reinsurance.

  • Insurance Professionals involved in designing innovative schemes, including brokers.
  • Professionals working in an environment exposed to Natural Catastrophe perils.
  • Director & Manager Underwriting
  • Director & Manager Claims
  • Insurance/Reinsurance Brokers
  • Catastrophe Modelling Analysts
  • Claims Officers for Catastrophic Claims
  • Catastrophe Risk Analysts
    Insurance/Reinsurance Executives, Managers, Wording Technicians and Directors involved in drafting or implementing contract wordings.

Parametric Insurance and Policy Wordings

The Parametric Insurance and Policy Wordings Course aims to provide participants with a comprehensive understanding of parametric insurance, highlighting its benefits and drawbacks. Participants will gain insights into the differences between parametric solutions and other insurance solutions, as well as an overview of the main parametric products available in the market.

From a commercial and reinsurance perspective, participants will learn about the importance of wordings for parametric insurance and contracts. The course will also cover parametric insurance policies, including aspects related to improved modeling and global parametrics. Through these learning objectives, participants will acquire the necessary knowledge to effectively design, implement, and manage parametric insurance solutions in various contexts.

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