Descartes Underwriting opening in Singapore, Sydney to target Asia-Pacific

Singapore

PARIS-BASED insurtech company Descartes Underwriting will be opening in Singapore and Sydney, Australia in August to expand its parametric insurance against climate risks to markets throughout the Asia-Pacific.

Founded in 2018 by a team of insurance veterans and climate scientists, Descartes believes its parametric (or index based) solutions - a type of insurance that covers the probability of a predefined event happening instead of indemnifying actual loss incurred - are uniquely designed to supplement gaps left by traditional insurance.