Chaucer has made its debut in the weather insurance space, introducing a pioneering parametric insurance product specifically designed to safeguard businesses against weather-induced operational disruptions.
Leading the new venture is Dr Ed Byrns, a veteran with three decades of experience in the weather market, at the helm of a US-based specialist team. Byrns’ previous roles include senior positions at Citadel, Louis Dreyfus, Munich Re Weather Group, and Demex Group.
The insurance group announced: “Chaucer’s new product will provide coverage for weather-related losses for weather events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation. This is a data-centric class of business where robust quantitative analysis is paramount.”
Meanwhile, Byrns expressed his enthusiasm, saying: “I’m excited to be working with Chaucer at this pivotal time for the weather insurance market and creating new products with clients at the heart of it. The growth in weather-related insurance has been accelerated by climate change, and as risks posed by unexpected weather patterns become more frequent, the need for insurance products is becoming more pronounced.”
Echoing the sentiment, Chaucer chief strategy officer Duncan Gemmel highlighted Byrns’ significant role, commenting: “We are delighted to have Ed Byrns working with us to lead our entry into the growing weather insurance market. He brings a wealth of knowledge and expertise and will help deliver the solutions that our clients need.”
Chaucer’s foray into weather insurance is part of its broader strategy to innovate across various segments, offering both parametric and traditional insurance solutions. In 2022, the company collaborated with K2 Parametric on hurricane and earthquake damage cover.
More recently, Chaucer partnered with technology company Gabriel and crisis management expert Merrill Herzog to provide a ‘preventative’ mass shooting insurance product. The insurance solution leverages artificial intelligence technology to promptly alert policyholders during an attack and ensures the immediate notification of emergency services and adjacent properties while setting up a command center with a video link for real-time crisis management.
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