Brokers are key to structuring parametric covers that serve clients well, perform as expected and integrate with other aspects of clients’ overall (re)insurance programs. This category is open to all insurance and reinsurance intermediaries active in placing parametric business. Candidates will be expected to demonstrate the role they have played in securing capacity and structuring deals. The judging panel will also assess brokers’ investment in educating buyers of insurance about parametrics and their involvement in bringing innovative products to the marketplace.

Insurers and reinsurers’ expertise in risk and provision of capacity bring new solutions to the market and are fundamental to supporting the growth in demand for parametrics. This category is open to all insurers and reinsurers active in underwriting parametric business. Judges will consider evidence of premium growth and underwriting performance metrics where they can be provided (these will be treated as confidential information unless entries specify otherwise). Candidates will be expected to demonstrate expertise in parametrics and impact on the wider parametric market.

Specialist parametric underwriting firms have played a key role in championing parametric insurance and bringing new products to market. This category is open to all MGAs, MGUs and coverholders active in parametric business. Judges will consider evidence of premium growth and underwriting performance metrics where they can be provided (these will be treated as confidential information unless entries specify otherwise). Candidates will be expected to demonstrate involvement in innovative solutions and impact on the wider parametric market.

Parametric insurance products rely on accurate data and robust technology. This category is open to companies providing solutions to support insurers, MGAs and brokers’ parametric business. These include but are not limited to calculation agents, data providers, modelling firms and technology companies. Judges will consider market uptake of the solution and its ability to grow the overall parametric market.

The growing adoption of parametric coverage depends on data sources and trigger mechanisms that policyholders can trust. This category is open to any parametric market participant, or group of participants, who used indexes, trigger mechanisms or structures in the last year that had not previously been common in parametric risk transfer. These include efforts to mitigate basis risk in existing parametric products, to extend parametric coverage to underserved natural perils or to customise coverage for clients with complex and unusual needs (such as by combining aspects of parametric coverage with other risk transfer or financing structures). Candidates must articulate why their innovation was needed and the impact they expect it to have. Judges will assess the level of innovation, the way it has been brought to market and the amount of traction it has gained. Entries in this category should be related to natural catastrophe, weather or agriculture risks; others should enter the “Innovation beyond weather and nat cat” category.

No longer are parametric products only accessible to the largest corporations and insurance companies. This category is open to any parametric market participant, or group of participants, who have brought parametric coverage to a new market in the last year. This could be households, individuals through employee benefits, businesses whose risks would not meet most underwriters’ minimum premiums, or industries or parts of the world not previously exposed to parametric covers. Candidates must articulate why their innovation was needed and the impact they expect it to have. Judges will assess the level of innovation, the way it has been brought to market and the amount of traction it has gained. Entries in this category should be related to natural catastrophe, weather or agriculture risks; others should enter the “Innovation beyond weather and nat cat” category.

Parametric covers have become an established disaster risk financing tool. This category is open to any parametric market participant, or group of participants, who provided parametric coverage in an innovative way to support the resilience of vulnerable communities or the natural environment in the last year. Candidates must articulate why their innovation was needed and the impact they expect it to have. Judges will assess the level of innovation, the way it has been brought to market and the amount of traction it has gained.

The concept of parametric coverage has extended beyond natural perils, but few new products have seen widespread adoption. This category is open to any parametric market participant, or group of participants, who provided parametric coverage for a peril other than natural catastrophes, weather or agriculture yield loss. This could include cyber, travel, commodity prices, supply chain, power outage, liability, infectious disease or any other type of risk. Candidates must articulate why their innovation was needed and the impact they expect it to have. Judges will assess the level of innovation, the way it has been brought to market and the amount of traction it has gained.

This individual award category is open to broking executives of all levels of seniority and aims to recognize industry talent for their contribution to their company and the parametric marketplace. The category will be judged on a range of criteria, including financial metrics around growth and performance of book (where demonstrable; this will be treated as confidential information), market influence and reputation, ability to educate clients and collaboration with partners. Nominations can include testimonial evidence and other supporting materials. 

This individual award category is open to underwriting executives of all levels of seniority and aims to recognize industry talent for their contribution to their company and the parametric marketplace. The category will be judged on a range of criteria, including underwriting results (where demonstrable; these will be treated as confidential information), market influence and reputation, demonstration of expertise as a market leader, service to distribution partners and problem solving. Nominations can include testimonial evidence and other supporting materials.

Talent is key to the future success of parametrics as products continue to develop and the market begins to mature. This category is intended to recognise the best up-and-coming talent at insurers, brokers, MGAs and other parametric market participants that will form the next generation of leaders. Companies may nominate rising stars from within their organisation or at counterparties and will be expected to detail the skills and achievements of their colleagues that warrant their inclusion in this category.

The judging panel will grant this award to an individual they believe has made an outstanding contribution to the parametric market in their career.