RYSKEX boss forms Ten C’s to develop parametric pandemic coverage
A group of insurance industry executives has joined together to form Ten C’s, a startup that will develop parametric insurance for business interruptions and event cancellations due to pandemics and other systemic risks.
Ten C’s was formed by Marcus Schmalbach, chief executive at RYSKEX, along with Patrick Kelahan of H2M architects and engineers - also known as the Insurance Elephant - and Joerg Proeve, an insurance executive and advisor.
It cited the example of the All England Lawn Tennis Club as evidence of the need for a new approach to pandemic coverage. The club had pandemic insurance cover when it cancelled the Wimbledon tennis tournament, but has since been told the policy will not be renewed for 2021. Some insurers have called pandemic risk “uninsurable”.
Ten C’s said it is forming a global team of data scientists, artificial intelligence, blockchain, insurance and risk transfer experts to tackle this challenge.
It is set to join the Lloyd’s Lab Fusion programme from July 21 – 23 to collaborate with managing agents and major insurance carriers to advance its disaster response insurance solution.
