AXA launches new entity

AXA has launched AXA Global Parametrics, a new dedicated entity that will accelerate the development of the insurer’s parametric insurance solutions.

Parametric insurance is based on the use of a parameter correlated to a client’s damages or losses. A wide variety of risks can be covered through parametric insurance, such as adverse weather affecting businesses or causing crop losses.

Since 2014, AXA’s parametric insurance team has worked with companies in various sectors across the world to cover climate risks. The newly created entity will broaden the range of solutions to better serve existing customers and expand its scope to SMEs and individuals.

Tanguy Touffut, previously global head of parametric insurance at AXA Corporate Solutions, has been appointed chief executive of AXA Global Parametrics.

“Parametric insurance has proven to be a high growth start-up business over the last two years, and I am convinced it can scale up under the leadership of Tanguy Touffut. In line with Ambition 2020, AXA Global Parametrics will also contribute to the group’s transformation through an enhanced customer experience, optimising many steps in the traditional insurance process, and amplifying the scope of the insurable”, said Gaëlle Olivier, chief executive of AXA Global P&C.