Insurtech Descartes Partners With Modeling Firm Reask to Expand Parametric Cover

Descartes Underwriting, the Paris-based parametric insurtech, has formed a partnership with Reask, the tropical-cyclone modeling firm. The partnership aims to expand the availability and advancement of parametric cyclone insurance products by combining Descartes' ability to incorporate new technology into parametric insurance product design with wind data provided by Sydney-headquartered insurtech Reask. This partnership also seeks to address the insurance protection gap by expanding global cyclone parametric coverage, Descartes said, explaining that the consistent global coverage of Reask's tropical cyclone product, Metryc, enables the expansion of parametric insurance policies into regions and geographies where data limitations impeded previous coverage. Furthermore, Reask's ability to augment scarcely available ground-level observations and deliver high-resolution wind hazard intensity metrics within days following an event greatly supports the deployment of Descartes' parametric products. As natural catastrophe and extreme weather risks evolve due to climate change, the inherent difficulties in obtaining accurate data due to the destructive nature of cyclone activity are also likely to be accentuated.