Blue Marble launches Zurich-backed impact reinsurance facility
By Henry Gale
Feb 27 - (The Insurer) - Insurtech Blue Marble has launched a new reinsurance facility, backed by Zurich Insurance, to provide climate protection for vulnerable communities around the world.
Blue Marble's Impact Reinsurance Facility will provide risk capacity to brokers and insurers, covering climate perils such as drought, rainfall, cyclones and extreme temperatures. The company says it has backing from Zurich and is supported by a consortium of global reinsurers.
"Communities facing growing weather-related risks need protection, but risk capital is scarce," Blue Marble said in a LinkedIn post. "Insurers and brokers want to introduce and scale parametric climate insurance, but capacity constraints hold them back."
To be eligible for the facility, risks need to be parametric, climate-related and target communities that lack adequate protection. It is intended to expand climate insurance across Latin America, Africa and Asia.
Blue Marble said the facility would help close the protection gap, unlock risk capital and help insurers and brokers build scalable solutions for vulnerable communities.
The insurtech specialises in parametric solutions to protect vulnerable communities against climate risks. It is a consortium of several (re)insurance organisations including Marsh McLennan, Zurich and AIG.
Blue Marble's recent projects include coverage for cocoa farmers in Indonesia, livestock farmers in Kyrgyzstan and coffee farmers in the Ivory Coast.
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