AXA has announced the launch of a global parametric team as the insurer looks to further develop in the emerging market.
Parametric insurance is based on the use of a set parameter correlated to a client’s losses with claims paid if the parameter passes a certain threshold.
Parametric insurance is used in a variety of different lines with contingency insurance and crop insurance two prominent examples.
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The newly created AXA Global Parametrics will broaden the insurers’ scope in the emerging area and will be led by Tanguy Touffut.
AXA formed its parametric team in 2014 as part of the AXA Corporate Solutions unit, where Touffut was head of parametric insurance; Touffut will now become CEO of AXA Parametric. Its parametric business currently covers clients in 28 countries with 40% of revenues generated in Asia.
“Parametric insurance has proven to be a high growth start-up business over the last two years, and I am convinced it can scale up under the leadership of Tanguy Touffut,” Gaëlle Olivier, CEO of AXA Global P&C said.
The parametric business will support AXA’s property and casualty units and work with the group innovation team to design new parametric products for global markets.
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