Descartes Underwriting, a specialist in corporate parametric re/insurance solutions for climate and emerging risks, has joined the International Cooperative and Mutual Insurance Federation (ICMIF) as a Supporting Member of the global network.
The ICMIF believes that re/insurance must be reinvented to meet the rising climate challenge, as the gap between insured losses and actual damage increases each year.
In 2024, global natural disasters caused estimated economic losses of $368 billion, but nearly two-thirds of this loss was uninsured.
Descartes’ “unparalleled technological and climate expertise” aims to offer a solution to this, as the firm has the industry’s largest climate risk modelling team.
This team continuously develops and refines proprietary algorithms that deploy physics and artificial intelligence to incorporate the effects of climate change and emerging technological exposures into the modelling of complex climate risks, to provide insurance companies with parametric reinsurance protection.
Sébastien Piguet, Co-founder and Chief Insurance Officer, Descartes, commented, “We are excited to join the ICMIF. We collaborate daily with brokers and insurers around the world to create effective, economic coverage backed by science and technology. ICMIF is an extraordinary platform to extend our reach to organisations that share our vision of this new way forward.”
Liz Green, Chief Executive Officer, ICMIF, added, “We are delighted to welcome Descartes as a new Supporting Member of the Federation. Mutual and cooperative insurers, with their unwavering focus on positive outcomes for insureds, are open to innovative solutions that deliver for their members. Descartes’ take on insurance and their expertise in reinsurance will undoubtedly benefit ICMIF members through purposeful conversation and added value.”
About the Author
