Insurance Giant Allianz Selects Symbiont for Catastrophe Swaps Blockchain
Posted: Tue Jun 14, 2016 2:21 pm
Allianz Group, one of the world’s biggests insurance companies, has partnered with Symbiont to model a bilateral catastrophe swap on a blockchain. After the administrative components were completed, Symbiont demonstrated a fully modeled catastrophe swap in less than two weeks.
Catastrophe swaps offer concentrated exposure to insured weather disasters to risk seeking investors. The firms say that smart contracts can reduce the time and costs of managing catastrophe swaps, can lower the cost of issuance of insurance linked securities and provide a greater volume and diversity.
“Our mission has always been to work with partners who are equally dedicated and ready to ... (read more)