AXA Climate will use RMS’ HWind analytics as a principal trigger metric for its US parametric insurance policies.
The solution allows AXA Climate flexibility in how and where they structure parametric policies. This ensures that clients will receive rapid access to capital following damaging winds.
RMS HWind, a Moody’s Analytics company, enables quick evaluation of hurricane trigger and payout conditions by producing real-time data sets for tropical cyclone events. The analytics cover the Western North Atlantic, Eastern Pacific, and Central Pacific basins.
Amaury Dufetel, head of insurance at AXA Climate, says: “Data coming from independent reputable organisations like RMS HWind solutions, developed over more than 25 years by one of the world’s leading hurricane observation researchers, will allow us to structure innovative parametric covers and bring to our clients the best tailor-made Tropical Cyclone coverage both in terms of price and claim settlement.”
Charlotte Acton, senior director of RMS, comments: “By working closely with AXA Climate, we have been able to help an important client develop innovative products that offer a competitive advantage and can help enable growth into new markets. Parametric insurance is another example of how the insurance industry can help build resilience into economies, which in turn helps reduce the protection gap. RMS remains committed to supporting insurance innovation, in our products, for our clients, and for their end users.”
