Descartes Underwriting has joined the International Cooperative and Mutual Insurance Federation (ICMIF) as a supporting member.
The company, which specialises in corporate parametric re/insurance for natural perils and emerging risks, will collaborate with insurers in the ICMIF network to develop solutions addressing climate-related challenges.
The insurance sector continues to face a widening gap between insured losses and actual damage from natural disasters. In 2024, global natural disasters resulted in estimated economic losses of US$368 billion, with nearly two thirds of these losses remaining uninsured. This trend has prompted calls within the industry for new approaches to risk transfer and coverage.
Descartes Underwriting operates a climate risk modelling team that develops proprietary algorithms using physics and artificial intelligence. These models are designed to reflect the effects of climate change and technological exposures, providing parametric reinsurance protection to insurance companies.
Sébastien Piguet (pictured above, left), co-founder and chief insurance officer at Descartes, said, “We are excited to join the ICMIF. We collaborate daily with brokers and insurers around the world to create effective, economic coverage backed by science and technology. ICMIF is an extraordinary platform to extend our reach to organisations that share our vision of this new way forward.”
Liz Green (pictured above, right), chief executive officer of ICMIF, welcomed Descartes to the federation. Green noted that mutual and cooperative insurers, driven by their commitment to achieving positive results for policyholders, are receptive to innovative approaches that bring value to their members.
“Descartes’ take on insurance and their expertise in reinsurance will undoubtedly benefit ICMIF members through purposeful conversation and added value,” she said.
Earlier this year, Descartes Underwriting also received a strategic investment from Battery Ventures, a global technology-focused investment firm. The investment, completed at a premium to Descartes’ previous series B valuation, brought Battery Ventures partner and former Guidewire Software CEO Marcus Ryu onto Descartes’ board as an observer.
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