The (re)insurer has also put together a new specialist team to help with its entry into the market

Chaucer Group has announced its entry into the weather insurance market with a new parametric product.

The global specialty (re)insurer explained the new parametric weather product would provide cover for non-damage business interruption.

This means it will provide protection against weather-related losses stemming from events that fall outside of pre-established variables, such as temperature, wind speed or precipitation.

Chaucer has teamed up with a team based in the US for the launch of the product and will provide all underwriting capacity.

New team

With weather insurance being a new underwriting class for the firm, it has formed a new specialist team that will be led by Dr Ed Byrns.

Byrns previously held leadership roles at Citadel and Louis Dreyfus, in addition to being chief technology and innovation officer at Munich Re Weather Group and chief executive and cofounder of Demex Group.

“I’m excited to be working with Chaucer at this pivotal time for the weather insurance market and creating new products with clients at the heart of it,” Byrns said.

”The growth in weather-related insurance has been accelerated by climate change and as risks posed by unexpected weather patterns become more frequent, the need for insurance products is becoming more pronounced.”

Duncan Gemmel, chief strategy officer at Chaucer, added: “We are delighted to have Ed Byrns working with us to lead our entry into the growing weather insurance market.

”He brings a wealth of knowledge and expertise and will help deliver the solutions that our clients need.”