PRESS RELEASE

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● By strengthening both organizations’ understanding of earthquake risk, the collaboration seeks to benefit the global earthquake risk management community while supporting fair and transparent parametric insurance structures
● Descartes’ experience from different specialized markets and expertise from its scientific team will aid model improvement and advance earthquake risk assessment at global, regional, and local levels

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Paul Jones joins us as the Business Development Director – U.K. & Ireland and will oversee the domestic U.K. and Irish markets. He brings close to 20 years’ experience in underwriting, client management and alternative risk transfer, most recently at AXA XL. Alessandro Girelli transitions from Descartes’ Paris office to serve as Underwriting Manager, overseeing the London International Market. He brings extensive underwriting and data science experience, having played a pivotal role in establishing Descartes’ bespoke statistical and machine learning models for risk analysis. Together, Paul and Alessandro will manage the build-out of Descartes’ operations in the region.

“With heavy rainfall events in July 2021 leading to hospital closures and massive infrastructure disruptions, recurrent droughts and greater anomalies in temperatures putting pressure on the energy sector, weather and climate risks have put the U.K. and Ireland insurance markets on watch. In light of hardening market conditions, brokers have been doing their best to restructure complex placements. This has been challenged by the gap in underwriting appetite and capacity versus client need – which has proven almost impossible to fill at sustainable conditions without incorporating alternative solutions. Descartes is delighted to collaborate with brokers to meet these evolving client needs with our pragmatic approach and parametric solutions.” Paul Jones, Business Development Director – U.K. & Ireland, states in reference to the launch. 

“A succession of record breaking extreme weather events in all corners of the globe this year serves to highlight the expanded exposure of all trade sectors to climate risks” adds Alessandro Girelli, Underwriting Manager – London International Market.

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• The collaboration combines Descartes’ understanding and ability to incorporate state-of-the-art technology into parametric insurance product design with flood data from leading commercial radar satellite operator
• It will push the frontier of flood risk modelling and global offering of parametric flood insurance – bringing swift claims settlement and enhanced resilience to more corporate and public sector clients worldwide

Paris, France – October 20, 2021 – Descartes Underwriting, the largest independent parametric-specialized firm, today announced a partnership with ICEYE, a leader in persistent monitoring and provider of flood hazard data.

The collaboration will push the frontier of flood risk modelling and parametric insurance by combining Descartes’ ability to incorporate state-of-the-art technology into its parametric insurance product design with ICEYE’s innovative synthetic-aperture radar (SAR) flood data and monitoring capabilities. Leveraging ICEYE’s multi-source flood insights, Descartes is able to establish precise parametric triggers for a larger global client-base and make swift claims payment based on exact client locations within a flood event.

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