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Recent News about Descartes Underwriting

More about Descartes Underwriting

Descartes Underwriting is a startup that specializes in parametric insurance, a new generation of insurance that provides protection against climate risks. The company works with brokers globally to safeguard their corporate clients and governments from natural disasters, weather-related incidents, and emerging risks. Unlike conventional insurance, which depends on lengthy loss adjustment procedures, parametric insurance pays out when a predefined event, such as a flood, cyclone, or earthquake, occurs. This type of insurance is more affordable and offers precise protection without the need for on-the-ground loss adjustment.

Descartes Underwriting operates in a unique way, leveraging machine learning and advanced algorithms to analyze vast amounts of data from various sources, including the Internet of Things (IoT), satellite imagery, stationary sensors, radar, and third-party data. This data-driven approach allows the company to model the underlying phenomena directly, capturing trends and potential climate change impacts to better protect their clients.

The company was founded by experienced insurers and data scientists and offers its parametric insurance solutions in over 60 countries. It underwrites and innovates against natural catastrophes across all trade sectors, providing insurance against floods, earthquakes, cyclones, hurricanes, hail, and wildfires. The policies are written on A-rated securities and the company partners with top-tier (re)insurers. Through these partnerships, Descartes Underwriting can deploy up to $200M in capacity per contract.

In summary, Descartes Underwriting is a forward-thinking insurance startup that uses data and technology to provide affordable and precise protection against climate risks.

Keywords: Parametric Insurance, Climate Risk, Data-Driven, Machine Learning, Advanced Algorithms, Global Scale, Natural Catastrophes, A-Rated Securities, Corporate Clients, Governments.

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