IBISA has appointed Sanjay Singh, formerly associated with Generali, to lead its expansion of parametric insurance in India. The appointment comes as the company seeks to strengthen its presence in a market facing increasing exposure to climate-related risks and improve access to insurance solutions based on predefined triggers.
Singh will lead IBISA’s India operations and support the development of parametric insurance solutions designed around measurable events such as extreme weather conditions. Unlike traditional insurance, parametric products pay a predetermined amount when an agreed trigger, such as a specified rainfall level or temperature threshold, is reached, reducing reliance on conventional loss assessment.
India represents an important market for parametric insurance because of its exposure to floods, droughts, heatwaves and other climate-related events. Such products can potentially provide faster payouts and help address protection gaps affecting vulnerable communities, businesses and agricultural stakeholders.
IBISA has been developing technology-enabled parametric insurance solutions aimed at improving affordability and accessibility. Singh’s industry experience is expected to support the company’s engagement with insurers, reinsurers, distribution partners and other stakeholders in India.
The appointment reflects the broader growth of parametric insurance as insurers and risk managers explore alternative approaches to managing climate and catastrophe risks. Greater use of data, satellite information and predefined triggers could support faster claims settlement while expanding insurance coverage for risks that can be difficult or costly to assess through conventional methods.
Want to deepen your expertise beyond today’s news?
Explore practical certification courses designed for banking, risk, insurance, compliance, ESG, AI, and emerging technologies professionals.
Learn from industry experts and earn certifications from RMAI and BFSI Sector Skill Council of India.
#Insurancenews
