European and global insurance major Generali is formalizing the structure of its parametric practice within its Global Corporate & Commercial (GC&C) division, appointing David Weber as head of parametric and planning to develop parametric risk transfer opportunities across the group.
Recall that Generali had previously partnered with Descartes Underwriting, an insurtech management general agency (MGA) specializing in parametric risk transfer, as it looked to develop new parametric insurance solutions to proactively address the changing global risk landscape.
The partnership is still ongoing, but now Generali is formalizing Parametric within its Global Corporate & Commercial (GC&C) division, looking to expand its Parametric Risk Transfer operations platform and strengthen its market presence in this space.
The company said it “confirms GC&C’s commitment to delivering innovative risk management solutions and meeting the evolving needs of clients.”
The Property, Engineering and Construction division of the GC&C Insurance function will now be renamed the Property, Engineering, Construction and Parametric division.
Under the leadership of Sander Van Voorden, the department will take on the additional responsibility of coordinating parametric proposals across Generali.
David Weber will lead the Parametric Insurance business as Parametric Director.
Weber has been with Generali since 2015, focusing on casualty underwriting, but most recently served as the company’s director of technical insurance governance. He has previously worked in casualty underwriting at Allianz, GAN Eurocourtage and Groupama.
The newly established business structure of Generali GC&C will serve as a competence center for parametric risk transfer and insurance, promoting the broader development of parametric insurance business throughout the Generali Group.
Jean-Laurent Granier, Country Manager France, Europ Assistance & Global Business Activities, said: “Parametrics Insurance’s strategic focus is in line with Generali’s ‘Partners for Life at 24: Driving Growth’ strategy, which involves investing in cutting-edge technology, advanced analytics and data , and industry partnerships to enhance our insurance capabilities. This strong commitment to innovation and continuous improvement underscores our commitment to meeting the changing needs of our clients in today’s dynamic and complex risk environment.”
Christian Kanu, Chief Executive Officer, Generali Global Corporate & Commercial, added: “We are proud to be a center of expertise in parametric insurance and our continued investment in this area underpins the growing strategic role GC&C plays within the Generali Group. This “A move that allows us to enhance our operational capabilities, ensure consistency in product offerings, and establish our leading position in the parametric insurance market. In this way, we will be able to support and provide our customers with better insurance solutions.” , protecting their business globally.”
Generali said its partnership with Descartes “succeeded in delivering innovative services on a global scale and achieving significant growth.”
The company expects that as parametric products develop, they will play a significant role in the global insurance and reinsurance markets, helping to drive future expansion and providing enhanced solutions to customers.
The insurer said Generali GC&C “looks forward to further cultivating and strengthening the relationship with Descartes as they continue to explore opportunities in this dynamic industry.”