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CelsiusPro Group has made significant strides in the realm of parametric climate solutions by expanding its Disaster Risk Finance (DRF) capabilities with the strategic hiring of a seasoned team from Willis Towers Watson (WTW). This move underscores CelsiusPro's commitment to delivering cutting-edge solutions for climate resilience in vulnerable communities worldwide.
CelsiusPro, an innovative insurtech company, focuses on helping both private and public organizations navigate and mitigate the financial impacts of climate change and natural catastrophes (NatCat). The recent addition of five experienced professionals from WTW's Climate and Resilience Hub will bolster CelsiusPro's Climate Resilience Solutions (CRS) team. This team will be part of Global Parametrics, a platform that became part of CelsiusPro Group in September 2023.
The newly appointed team brings over two decades of collective experience in disaster risk finance and related areas. Their expertise spans project management and consulting for public sector, multilateral, humanitarian, and conservation organizations. This rich background will enable CelsiusPro to support more communities and organizations in underserved regions to enhance their climate resilience.
Key Features of the New Team:
The expanded Climate Resilience Solutions team will be led by Kay Tuschen, who has been at the helm since October 2023. Tuschen emphasized the team's mission to deliver innovative parametric solutions to climate-vulnerable communities in the Global South. The team's presence in London and Zurich enhances CelsiusPro's global reach and influence.
"We created the Climate Resilience Solutions team with the objective to deliver cutting-edge parametric solutions to the benefit of climate-vulnerable communities in the Global South. With this expansion of the team, we bring in brilliant people with an amazing track record in this challenging market. I am thrilled by the prospects for our team," Tuschen stated.
Jamie Pollard, joining as DRF Lead, added: "We are delighted to make CelsiusPro Group our new home. The company’s distinct value proposition, which integrates technology-enabled parametric insurance structuring and risk capacity for climate resilience projects, resonates strongly with both our expertise and interest."
By integrating the new team, CelsiusPro enhances its capabilities in parametric insurance structuring and risk capacity for climate resilience projects. This integration is particularly relevant in the current climate landscape, where climate change and natural disasters increasingly pose significant economic challenges. The strategic focus on underserved geographies aligns with global efforts to address sustainable development goals (SDGs) and climate adaptation.
Parametric insurance is gaining prominence as a tool for managing climate-related risks. Unlike traditional insurance, which compensates based on actual loss, parametric insurance pays out when predefined parameters (such as wind speed or rainfall levels) are met. This approach provides faster payouts and can be crucial for vulnerable communities needing rapid financial support after disasters.
CelsiusPro's strategic move comes at a time when the insurance industry is moving towards more innovative and technology-enabled solutions to tackle the pressing challenges of climate change. The company's focus on elevating parametric insurance from the fringe to the center stage of climate and NatCat risk protection underscores its mission to ensure life and business can continue despite rising climate risks.
The hiring of the WTW team not only bolsters CelsiusPro's technical capabilities but also signals a forward-thinking approach to climate resilience. As the global community grapples with the realities of climate change, companies like CelsiusPro are poised to play a pivotal role in helping communities and organizations prepare for and recover from climate-related disasters.
In conclusion, CelsiusPro's strategic expansion reflects a broader trend in the insurance sector towards more sophisticated, tech-enabled solutions for managing climate risks. As we look to the future, the role of companies like CelsiusPro in enhancing global disaster risk finance and climate resilience will continue to grow.
