A unit of Generali is teaming with an InsurTech to develop parametric products that help close the growing insurance protection gap. Berkshire Hathaway Specialty Insurance said it is now providing Defense Base Act insurance globally through a team based in Dubai.
Generali’s P&C unit Global Corporate & Commercial (GC&C) and InsurTech Descartes Underwriting are partnering to develop parametric products that help close the growing insurance protection gap.
This collaboration combines GC&C’s technical capabilities in the corporate sector and local markets’ knowledge in over 160 countries with Descartes’ technological products and services, Generali said. Technologies to be used include image recognition and machine learning, plus new generations of data sources coming from satellites, weather stations or the Internet of Things.
Descartes, a managing general agent specializing in weather risk modeling and data-driven risk transfers, launched in 2018 and is backed by BlackFin Capital Partners, an independent private equity firm.
Target segments for the partnership include, but are not limited to, agriculture and food industry, energy and renewables, telecommunication and utilities.
Berkshire Hathaway Specialty Insurance said it is now providing Defense Base Act (DBA) insurance globally through its DBA-dedicated underwriting and claims team in Dubai.
DBA insurance provides disability, medical and death benefits to covered employees, whether the injury or death occurs on or off the job in the course of employment. Further to its standard offering, BHSI can provide additional coverage in other key areas, such as Emergency Medical Evacuation and Supplementary Repatriation Expenses, tailoring its approach to meet customer needs.
U.S. federal law mandates DBA insurance for U.S.-government contractors, private employers and contractors working outside the U.S. on American military bases or under a contract with the U.S. government for public works or for national defense. These works include providing defense equipment, life support, materials or services to U.S. allies; or providing welfare services to benefit U.S. Armed Services, BHSI said.
Sources: Generali/Descartes Underwriting, BHSI