AXA Climate adopts HWind analytics from RMS

AXA Climate, part of the AXA Group specialising in climate change adaptation, will include HWind analytics from RMS, a Moody’s Analytics company, as a principal trigger metric for its relevant U.S. parametric insurance policies.

HWind produces real-time data sets for tropical cyclone events, allowing quick evaluation of hurricane trigger/payout conditions, which enables parametric policyholders to gain rapid access to capital following impactful events, AXA said. RMS HWind solutions offer comprehensive coverage over the Western North Atlantic, Eastern Pacific, and Central Pacific basins.

Using RMS HWind helps AXA Climate to be “fully flexible” as to how and where they structure parametric policies, allowing AXA Climate to reassure their clients that they will quickly receive the protection they paid for when damaging winds are present.

Amaury Dufetel, head of insurance at AXA Climate, said: “Data coming from independent reputable organisations like RMS HWind solutions, developed over more than 25 years by one of the world’s leading hurricane observation researchers, will allow us to structure innovative parametric covers and bring to our clients the best tailormade Tropical Cyclone coverage both in terms of price and claim settlement.”

Charlotte Acton, senior director at RMS, added: “Parametric insurance is another example of how the insurance industry can help build resilience into economies, which in turn helps reduce the protection gap. RMS remains committed to supporting insurance innovation, in our products, for our clients, and for their end users.”