Descartes Underwriting
Descartes Underwriting is a medium-sized insurance company founded in 2018, specializing in parametric insurance and risk management related to climate risks. With a team of 185, the company utilizes advanced technologies to provide tailored insurance solutions across various industries, including agriculture, construction, and renewable energy.
Company Overview
Descartes Underwriting is a medium-sized business operating in the insurance industry, founded in 2018. The company is headquartered in Paris, Île-de-France, with additional locations in Tokyo, London, Frankfurt, Singapore, Madrid, New York, Scottsdale, Little Rock, Los Angeles, Denver, Chicago, Charlotte, Hong Kong, and Sydney. Descartes Underwriting focuses on parametric insurance, which aims to build resilience against climate risks and natural catastrophes.
Specialties
Descartes Underwriting specializes in various areas within the insurance sector, including risk management, climate change, and non-life insurance. The company operates as a Managing General Agency, underwriting insurance policies on behalf of first-tier insurers and reinsurers. Its specialties also encompass insurance-linked securities, satellite and remote sensing technologies, data science, and InsurTech. The company employs advanced technologies such as image recognition and machine learning to assess and manage risks.
Parametric Insurance Solutions
The company offers a wide range of parametric insurance solutions tailored for different industries. These include coverage for business continuity through Non-Damage Business Interruption (NDBI), protection against river level volatility, and safeguarding against natural disasters for sectors like agriculture, construction, retail, and hospitality. Descartes Underwriting also provides parametric insurance for emerging risks, including cyber threats and extreme temperatures, as well as for renewable energy projects.
Funding and Financial Capacity
Descartes Underwriting has secured financing of USD 141.5 million from various investors, including BlackFin, Serena, Cathay, Highland Europe, and Eurazeo. The company has the capacity to underwrite up to USD 200 million per deal, allowing it to manage significant risk exposures across multiple sectors.
Technological Integration
The company utilizes a data-driven approach that incorporates advanced technologies such as IoT, satellite imagery, and machine learning to model risks and provide insurance solutions. This integration of technology enables Descartes Underwriting to offer customized parametric insurance solutions that address specific risks associated with natural catastrophes and climate-related events.