Swiss Re
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In a virtual Baden Baden conference, the reinsurer emphasised a push on addressing secondary perils after a high flood loss year.
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The carrier also estimated its European flooding burden will be $520mn.
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An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
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The offering uses highest wind speeds at set locations as triggers for payouts.
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It is part of the firm’s commitment to reach net-zero emissions in its own operations by 2030.
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Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
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CFO John Dacey also urged primary carriers to be “realistic” on rising extreme-weather costs.
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The carrier said July flooding in Europe and South African unrest would bring losses in the mid-triple-digit million range for Q3.
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The executive replaces Emmanuel Thommen, who has announced his retirement.
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The deal will exclude Covid-19 from its current year coverage.
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The revelation came with the release of the institute's 2021 Resilience Index.