Climate insurer Blue Marble has unveiled its new Impact Reinsurance Facility, aimed to help expand parametric climate protection for vulnerable communities worldwide.
Support and Backing
Backed by Zurich Insurance and a consortium of global reinsurers, this dedicated risk capacity solution aims to address the growing weather-related risks faced by underserved populations in Latin America, Africa, and Asia.
Facility Features
The Impact Reinsurance Facility is designed to be agile and responsive, allocating capacity where it is most needed. It focuses on Environmental, Social, and Governance (ESG) principles, ensuring that climate protection reaches those who are often overlooked.
Coverage Details
The facility will provide parametric protection for climate risks such as excess rainfall, drought, extreme temperatures, hurricanes/cyclones, and storms.
Beneficiaries
This coverage will benefit a diverse range of stakeholders, including: institutions, governments, international organizations, and industries serving underserved communities, including banks, agro traders, cooperatives, and the tourism sector.
Accessibility
The Impact Reinsurance Facility will be accessible to insurers and reinsurers seeking to expand their climate risk protection offerings using parametric solutions – which offers policies that trigger payouts when a predefined event occurs. Additionally, the facility will be accessible for brokers looking to secure reinsurance capacity to offer climate risk solutions to clients.
