Chaucer announces entry into Weather Insurance market

Global specialty (re)insurance group Chaucer has announced its entry into the weather insurance market. Chaucer has partnered with a highly experienced team based in the US and will provide all underwriting capacity to the new venture. Its first product will be a parametric weather product to cover non-damage business interruption.

Chaucer’s new product will provide coverage for weather-related losses for weather events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation. This is a data-centric class of business where robust quantitative analysis is paramount.

Weather Insurance will be a new underwriting class for Chaucer, with the new specialist team being led by Dr Ed Byrns, who previously held leadership roles at Citadel and Louis Dreyfus, in addition to Chief Technology & Innovation Officer at Munich Re Weather Group and CEO and co-founder of Demex Group, the technology enabled insurtech. Ed will be supported by a team of experts within the weather risk management space.

“I’m excited to be working with Chaucer at this pivotal time for the weather insurance market and creating new products with clients at the heart of it. The growth in weather related insurance has been accelerated by climate change and as risks posed by unexpected weather patterns become more frequent, the need for insurance products is becoming more pronounced.”
Ed Byrns
“We are delighted to have Ed Byrns working with us to lead our entry into the growing weather insurance market. He brings a wealth of knowledge and expertise and will help deliver the solutions that our clients need.”
Duncan Gemmel
Chief Strategy Officer

This is the latest in a series of innovations from Chaucer across a number of business segments, on both a parametric and traditional basis.

Chaucer recently published a white paper on innovation in the insurance industry, where it highlighted the importance of product R&D.

In 2022, Chaucer partnered with parametric insurance provider K2 Parametric to provide hurricane and earthquake damage cover for US mid-size corporates and municipalities.


Published on 08.04.2024