Axa Climate has reached an agreement with RMA to use the modelling firm’s HWind analytics tool as a principal trigger metric for its relevant US parametric insurance policies.

HWind produces real-time data sets for tropical cyclone events, allowing speedy evaluation of hurricane trigger/payout conditions, which enables parametric policyholders to gain rapid access to capital following impactful events. RMS HWind solutions offer comprehensive coverage over the Western North Atlantic, Eastern Pacific and Central Pacific basins.

Amaury Dufetel, head of insurance, Axa Climate, said: “We believe the preciseness of sophisticated real-time data is essential to improve the use and uptake of parametric insurance solutions. 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, RMS, added: “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.”

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