AXA Climate partners with Reask on parametric windstorm insurance

AXA Climate, the climate risk insurance broker, has strategically partnered with Reask, a provider of climate risk modeling solutions, to leverage its Metryc product to offer advanced parametric windstorm insurance solutions.

The partnership leverages the Metryc product to offer parametric solutions based on precise location-level wind speed data following tropical cyclone landfalls worldwide.

According to the pair, this collaboration represents a forward-thinking approach to parametric insurance in leveraging advanced data analytics to improve affordability, risk management, and claims responsiveness following climate-related events.

AXA Climate notes its commitment to designing innovative products and services that enable businesses and communities to adapt to and mitigate the impacts of climate change, fostering resilience and encouraging sustainable practices.

Regine Mollenhauer, Chief Underwriting Officer, AXA Climate, commented, “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, added, “This partnership with AXA Climate underscores our team’s passion for developing and applying cutting-edge science to real-world problems.

“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, concluded, “Partnering with AXA Climate marks a pivotal moment for Reask, as it validates our commitment to providing the insurance industry with the most sophisticated climate risk data available. 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.”

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