The parametric insurtech has raised $120m to expand its solutions for risks relating to climate change
Insurtech firm Descartes Underwriting has raised fresh capital of $120m to expand its parametric solutions for corporate clients.
Private equity firm Highland Europe is leading the raise alongside international investment company Eurazeo, with participation of existing investors Serena, Cathay Innovation and Blackfin Capital Partners and new entrants Seaya Ventures and Mundi Ventures.
As climate change drives economic losses worldwide, Descartes is seeking to disrupt the insurance industry through a growing product offering which covers the full spectrum of natural catastrophes and emerging risk exposures.
Its parametric insurance solutions leverage new data sources combined with AI to drive transformation within an evolving risk landscape, and challenge traditional insurance models.
“The corporate insurance market is undergoing a momentous shift driven by a changing climate, the growing impact of natural catastrophes and a rise in emerging risks”, said Tanguy Touffut, CEO and co-founder of Descartes Underwriting.
“Our aim is to be the global leader in delivering truly revolutionary solutions to brokers, corporations and public entities for these evolving exposures.
”With the support of our partners, we will continue to develop and deploy a new generation of insurance products that are entirely tech-driven, simpler, more transparent and quicker to pay in the event of a loss – adapted for the new risks corporations and governments increasingly face.”