GC&C boosts parametric insurance structure to expand market reach

Generali Global Corporate & Commercial (GC&C) has unveiled plans to bolster its parametrics insurance structure to improve its presence in the market and further develop its operational platform.

The move, which involves a strategic reorganisation of the structure, helps GC&C to provide new risk management offerings and address the growing requirements of the clients.

Part of GC&C’s Insurance Function, the structure is known as Property, Engineering & Construction, which is led by Sander Van Voorden.

As part of the reorganisation, the structure will be renamed Property, Engineering, Construction & Parametrics.

David Weber will now lead the division as the head of parametrics.

In addition, this newly created structure will operate as a competence centre for Generali Group, thereby facilitating the expansion of the parametrics insurance business across the group.

Generali Group France, Europe assistance and global business activities country manager Jean-Laurent Granier said: “The strategic focus on parametric insurance is in line with Generali Group Lifetime partner 24 Strategy, which involves investing in cutting-edge technology, advanced analytics and data, as well as industry partnerships to enhance our insurance capabilities.

“This unwavering commitment to innovation and continuous improvement underscores our dedication to meeting the ever-evolving needs of our customers in today’s dynamic and complex risk landscape.”

Parametric insurance provides coverage for unforeseen events such as natural disasters and weather-related risks.

Customised parametric solutions offered by GC&C integrate easily to deliver cost savings, faster claims pay-outs and protection for multiple sectors including renewable energy, agriculture, property and industry.

In 2018, the companies formed a strategic alliance with start-up Descartes to provide parametric insurance solutions across the globe.