Reask, a climate risk analytics firm, has won a prestigious award for its parametric insurance model – Metryc – reflecting the unique and transformative potential for the product in addressing the global insurance gap.
Metryc was awarded Catastrophe Risk Modelling Solution at the 2022 InsuranceERM Awards.
Parametric insurance solutions for natural catastrophes are risk transfer instruments that aim to provide rapid pay-outs based on pre-agreed levels of hazard intensity such as local surface wind speeds. Estimating ground level impact in the wake of a tropical cyclone landfall is a time sensitive and very uncertain exercise.
While national agencies around the world can usually be trusted to provide reliable estimates of location and intensity of a system at landfall, other key drivers of wind risk remain much more uncertain. These challenges are the reasoning behind Reask developing Metryc, a probabilistic modelling system designed to capture the distribution of spatial wind intensity at landfall in terms of surface wind speeds, and to employ that capability as a calculation agent for parametric insurance covers.
Our Metryc solution helps facilitate the closing of the insurance gap, enabling the transfer of financial risk in all corners of the globe, and expanding the reach of parametric insurance solutions. With a history of awarding leaders in catastrophe management endeavours for the insurance industry, InsuranceERM’s Catastrophe risk modelling solution of the year is a respected and valued honour that we are proud recipients of
Thomas Loridan, CEO Reask
More details on Metryc and other products and services can be accessed here.