Risk managers mull parametric solutions: Descartes

A combination of the innovation inherent in the London market and a growing trend of severe weather-related losses is prompting UK risk managers increasingly to explore the use of parametric insurance solutions, Blanca Berruguete, head of EMEA for Descartes, told AIRMIC Today.

“London is an insurance hub and well known for innovation. On top of that, the UK has had many severe weather events in recent years. That is forcing risk managers to explore their options.”

Berruguete joined the MGA, backed by capacity from Generali, in February 2025. She was previously global industry solutions director for construction at Allianz Commercial. She has also held senior roles at Generali, Lloyd’s, AIG, Zurich Insurance, Heath Lambert and AJ Gallagher.

She confirmed growing interest from risk managers – but also stressed the education needed to allow clients to become comfortable with parametric solutions. “It is about education and changing behaviours,” she said. “What we do is a very different approach. I am surrounded by scientists here.”

Descartes now covers 20 perils from 19 global offices. It has 220+ employees and wrote $200 million in gross written premium in 2024. The perils it covers range from natural cat risks such as windstorm and wildfire to more nuanced products. Berruguete described a growing interest in buy-back deductible products, designed to offer a ground-up solution for clients that may have seen their deductibles rise in recent years.

“We are seeing risk managers who might have made savings in recent years, now willing to use those to explore innovative solutions,” she said. 

She added that captive owners are also increasingly exploring the use of parametric solutions. “We can help offer stability and greater control of their risks through the cycle,” he said.

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