Pan-African focused reinsurance group Africa Specialty Risks (ASR) has launched a parametric division, ASR Parametric.
The new division, which follows the appointment of Dr Raveem Ismail as head of Parametric Underwriting and Ian Bishop as parametric product manager, brings together underwriting, technology and analytical expertise to offer innovative risk solutions.
Cover will be provided for both direct and indirect loss, with no requirement for property damage.
Using technology-enabled triggers to provide the most precise coverages, ASR will work with insureds to create structures reflecting their experience of risk. This protection will also offer near immediate response for insureds, providing settlement within days of a triggering event – enabling clients to increase resilience.
Dr Ismail brings over a decade of experience in risk analysis, modelling and underwriting.
Prior to joining ASR he was CUO and general manager at QOMPLX:UNDERWRITING, a UK MGA where he launched the first multi-peril parametric insurance cyber and terrorism product, tailored for small to medium-sized enterprises and backed by Chaucer.
An experienced management consultant, Ian Bishop specialised in technology and innovation in the insurance and financial services sectors.
He has held several senior roles over the past ten years at Deloitte Consulting and QOMPLX:UNDERWRITING, where he worked alongside Dr Ismail as COO.
Bishop will be responsible for co-ordinating and managing the development of ASR’s parametric product factory, working with underwriters across the group.
Mikir Shah, CEO of ASR, said: “The establishment of the parametric division demonstrates our commitment to de-risking investment and increasing resilience across the African continent. Our vision is to unlock greater and more streamlined protections for insureds, ensuring that inward investment in Africa continues to boost economic activity and growth on the continent, via the integration of innovative, technological solutions.
“Providing this sort of coverage is even more important in today’s market following the substantial impact of the global pandemic. We welcome Raveem and Ian as they develop our parametric insurance products.”
Dr Ismail commented: “The digital revolution across Africa has provided much needed coverage for customers who would otherwise be cut off from obtaining necessary financial services and protection.