Chaucer enters weather insurance market
Global specialty re/insurance group, Chaucer has entered into the weather insurance market with a parametric product to cover non-damage business interruption.
Chaucer has partnered with an experienced team based in the US and will provide all underwriting capacity to the new venture.
The new product will provide coverage for weather-related losses for weather events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation.
Weather insurance will be a new underwriting class for Chaucer, with the new specialist team being led by Ed Byrns, who previously held leadership roles at Citadel and Louis Dreyfus. Byrns was also chief technology & innovation officer at Munich Re Weather Group and chief executive officer and co-founder of Demex Group, the technology enabled insurtech. Byrns will be supported by a team of experts within the weather risk management space.
Chaucer previously partnered with parametric insurance provider K2 Parametric to provide hurricane and earthquake damage cover for US mid-size corporations and municipalities.
Byrns said: “I’m excited to be working with Chaucer at this pivotal time for the weather insurance market and creating new products with clients at the heart of it. The growth in weather related insurance has been accelerated by climate change and as risks posed by unexpected weather patterns become more frequent, the need for insurance products is becoming more pronounced.”
Duncan Gemmel, chief strategy officer said: “We are delighted to have Ed Byrns working with us to lead our entry into the growing weather insurance market. He brings a wealth of knowledge and expertise and will help deliver the solutions that our clients need.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
