Yokahu Revolutionizes Parametric Insurance Transactions with Innovative New Exchange
Yokahu, a pioneering force in the realm of parametric insurance, has launched cat-risk.com, the industry’s first independent many-to-many parametric exchange. This innovative platform aims to transform disaster risk finance within the London re/insurance market, addressing the inefficiencies that have plagued traditional parametric insurance transactions.
Revolutionizing the Parametric Insurance Market
The introduction of cat-risk.com marks a significant step forward in enhancing accessibility and operational efficiency in the parametric insurance sector. According to InsurTech Insights, current market transactions are often slow and fragmented. Yokahu’s digital-first approach seeks to streamline these processes, ultimately improving disaster resilience through expedited payouts.
Key Features of Cat-Risk.com
- Seamless Connectivity: The platform connects brokers, carriers, and data providers, significantly reducing transaction friction.
- Fast Transactions: Quote and bind times are reduced from days to mere minutes, facilitating real-time risk assessment and pricing.
- Automated Claims Processing: Real-time weather data triggers policies automatically, ensuring claims are presented for approval within minutes.
- Quick Payouts: Claim payments can be completed in as little as 48 hours, enhancing disaster recovery efforts.
Enhancing Disaster Risk Management
Yokahu specializes in parametric insurance solutions that focus on improving disaster risk management through cutting-edge technology. By leveraging real-time data and automated processes, Yokahu enhances financial preparedness for extreme weather events and natural disasters.
Many-to-Many Model and Capacity Allocation
A standout feature of cat-risk.com is its many-to-many model, allowing multiple carriers to co-insure risks based on their specific risk appetites. As a Coverholder, Yokahu manages each carrier’s portfolio individually, ensuring efficient capacity allocation. This innovative approach encourages more carriers to enter the parametric climate resilience market with reduced risk exposure.
Future Developments and Partnerships
At launch, cat-risk.com integrates with top data providers such as ReAsk and is supported by leading capacity providers and top-tier brokers. The platform currently covers extreme weather risks, including hurricanes and storms, with transaction limits up to $5 million. Future plans include expanding coverage to earthquakes, increasing coverage limits, and providing enhanced risk insights.
Leadership Insights
Yokahu’s Founder & CEO, Tim McCosh, expressed, “Parametric insurance has long been viewed as a solution for fast, reliable disaster payouts, but inefficiencies in placement have hindered adoption. With cat-risk.com, we are fulfilling the promise of parametric insurance—removing barriers and ensuring resilience in the face of climate and disaster risks.”
Co-Founder Farid Tejani added, “This is about evolution, not revolution. Cat-risk.com enhances the existing parametric insurance ecosystem, making transactions smoother and payouts faster, unlocking the full potential of parametric insurance for businesses and communities worldwide.”
Moreover, CFO Carsten Wolheimer emphasized, “Cat-risk.com represents a significant advancement in merging financial market expertise with innovative parametric risk transfer, creating a more efficient and transparent solution for disaster risk management.”
For more information on parametric insurance and its benefits, visit our About Page.
