The collaboration will capitalise on Reask’s Metryc product, offering cutting-edge parametric windstorm insurance solutions.
By harnessing the power of the Metryc product, the partnership will provide parametric solutions tailored to specific locations, using precise wind speed data following tropical cyclone landfalls across the globe. This innovative approach marks a significant step forward in the realm of parametric insurance, employing advanced data analytics to enhance affordability, bolster risk management, and expedite claims processing in the wake of climate-related events.
Speaking on the partnership, representatives from both AXA Climate and Reask expressed enthusiasm for the forward-thinking nature of their collaboration. They emphasized the importance of utilizing sophisticated analytics to address the challenges posed by climate change, highlighting the potential for their joint efforts to foster resilience and promote sustainable practices within businesses and communities.
Regine Mollenhauer, Chief Underwriting Officer, AXA Climate, said: “Choosing Reask as our partner was a strategic decision driven by their ability to deliver quality, high-resolution data on a global scale. Their approach to probabilistic modelling empowers us to calibrate and structure parametric contracts with precision, ultimately benefiting our clients with faster and more accurate risk transfer solutions.”
Jamie Rodney, Chief Executive Officer, Reask, also commented, saying: “This partnership with AXA Climate underscores our team’s passion for developing and applying cutting-edge science to real-world problems.
He continued: “AXA Climate’s recognition of our unique position in offering high-resolution, high-quality data globally aligns with our mission to become the currency for parametric insurance products. We’re truly excited to embark on this journey with AXA Climate, driving positive change and resilience in the face of climate risks.”
David Schmid, Head of Parametric Products, Reask, added, “AXA Climate’s readiness to integrate our globally consistent data into their parametric insurance solutions showcases the transformative potential of data in further reducing the protection gap.”
