Reask, a science and technology company focusing on the financial impacts of extreme weather, has named David Schmid as head of parametric products to build out all aspects of its global parametric insurance product offering.
Reask has positioned itself to be the leading provider of next-generation Nat Cat modelling, worldwide.
The company is trusted by the likes of Swiss Re, AXA, Descartes, and Twelve Capital for its proven global tropical cyclone models.
Reask said the appointment of David Schmid now also positions the business at the forefront of global parametric insurance.
Reask provides models that help insurers to build greater financial resilience to extreme weather events and answer complex questions around the impact of climate change on natural catastrophe risk.
Parametric insurance is a key vertical within this offering and demand is increasing for modelling solutions that enable the development of more competitive parametric insurance products.
Reask said Schmid is an expert in natural catastrophe risk modelling and parametric insurance. He has a deep technical knowledge of modelling, structuring, and underwriting parametric insurance products, with strong connections across global parametric markets.
Jamie Rodney, CEO of Reask, said, “Reask’s Artificial Intelligence modelling technology is enabling robust risk transfer of natural catastrophe exposure globally.
“David’s hire represents a core component of our strategic positioning as we continue to develop innovative modelling solutions to support the needs of our parametric insurance customers and prospects. His expertise will continue to drive our state-of-the-art technology forward to support the journey towards climate resilience.”
Schmid said, “Reask has a deep understanding of hazards based on atmospheric conditions to account for the non-stationarity of climate. By incorporating this into its novel natural disaster models, Reask combines sound risk assessment and automatic payout calculation into one, innovative product. I look forward to helping the team meet growing demand for parametric insurance solutions that deliver far more than just as a complement to traditional indemnity coverage.”
At the start of the year, Reask closed its seed funding round led by Tencent.
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