Climate risk data provider Reask has announced a new collaboration with insurtech managing general agent (MGA) Kettle to provide location-level wind speed-based parametric hurricane reinsurance solutions in the US.
The alliance helps Kettle to enhance its climate-based offering by adding parametric hurricane reinsurance.
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It also enables MGA to use Reask’s hurricane modelling tool Metryc.
Leveraging data provided by Reask, Kettle will be able to estimate premiums more accurately and settle pay-outs quickly within 24 hours of an incident.
Reask parametric products head David Schmid said: “This collaboration marks the beginning of a new era in which Reask will contribute significantly to the advancement from first-generation distance-based parametric covers to more accurate and cost-effective intensity-based parametric products.”
The firm currently offers its global tropical cyclone models to clients such as Swiss Re, AXA, and parametric insurer Descartes, among others.
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By GlobalDataThe latest partnership comes shortly after Reask received $4.6m in a seed funding round, which brought the total investment raised by the company to $6.55m.
Reask employs artificial intelligence (AI) to translate and predict global extreme weather events.
Kettle chief underwriting officer Brian Espie said: “Kettle and Reask share a mutual vision that AI and machine learning allow for better prediction of risk in a changing climate.
“The seamlessness of this partnership provides Kettle with the ability to accelerate our product innovation and provide bespoke coverage solutions for customers in the greatest areas of need.”
Kettle initially provided its clients in the US with wildfire risk-based pricing, underwriting and reinsuring solutions.
The MGA now plans to combine Reask’s hurricane hazard data to access new markets.
