Swiss Re CorSo and Reask to expand parametric Storm product
Swiss Re Corporate Solutions (CorSo) and tropical cyclone analytics firm Reask have teamed up to expand the carrier’s parametric windstorm product, Storm.
Storm was initially launched in hurricane-prone areas of the US and the Caribbean.
It uses the highest reported wind speeds at defined locations as the trigger for a loss payment, which is typically made within days of an insured event.
CorSo will now use Reask’s technological windspeed data to provide tropical cyclone coverage to corporate and public entities exposed to the peril.
From September, Storm will be available to organisations around the world.
Reask uses a globally connected framework and machine learning to create natural-catastrophe risk models.
Metryc, its tropical cyclone risk-modelling product, is built to address the specific requirements of nat cat parametric insurance contracts.
In areas outside the US and the Caribbean, Storm will use Metryc to determine whether a policy is triggered.
CorSo head of parametric nat cat Martin Hotz said: “Thanks to our collaboration with Reask, organisations around the world will have access to broader coverage, flexible use of funds and a speedier recovery with Storm.”