Insuring Extreme Climate and Natural Disaster Events with Jerry Skees

Adam Torres and Jerry Skees discuss a new way of dealing with disasters.

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Show Notes:

Extreme climate and natural disasters have set back developing countries for years. When one of these events strike, oftentimes there are not enough local resources to help the affected get back on track. In this episode,  Adam Torres and Jerry Skees, Chief Strategy Officer and Director at Global Parametrics, explore how Global Parametrics is rethinking how extreme climate and natural disaster events are handled.

About Jerry Skees

Global Parametrics (GP) investors are DFID and KfW via the InsuResilience Investment Fund. Both have invested equity and are shareholders of GP. The British and German governments will also provide first loss capital for a Natural Disaster Fund. Our investors and our access to a propriety global risk modeling platform will enable GP to underwrite risk quickly and efficiently. We share concerns from the market that the poor and vulnerable are chronically underserved by financial markets that transfer natural disaster risk. The business case for a public-private partnership addresses market shortcomings. GP is meant to crowd the market in.

GP will provide science, data and advisory services that can be complemented by risk transfer products to firms and NGOs that are linked to poor and vulnerable populations. GP will work with value chain firms (e.g., agribusinesses) financial firms, renewable energy, humanitarian groups, and life-support infrastructure provided by cities or regional governments.

GP approaches risk assessment and risk financing by considering the larger set of disruptions and setbacks that are created by extreme climate and seismic events and working with clients to build contingent financing that includes reserves, access to credit and use of GP’s risk transfer products which are backed by patient capital.

GP recently officially launched our fund, the Natural Disaster Fund, and with it our first transaction with VisionFund as of January 2018. The press has been favorable.

The Economist

About Global Parametrics

Global Parametrics is a commercial, social venture seeking to catalyze the development of markets for insurance-like products in low and middle income countries. We are a science and data-driven company whose products and services aim to facilitate recovery among the poor and vulnerable after, or even before, a natural disaster strikes. Our approach focuses on providing customized end-to-end solutions, that facilitate planning for an effective financial response to natural disasters.

Global Parametrics’ investors are the Climate Insurance Fund supported by the German government, via BMZ and KfW, and the UK’s Department for International Development (DFID).

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