Al Wathba launches the first Parametric Flood Reinsurance Cover

In a landmark move set to reshape reinsurance practices in the Middle East, Al Wathba Insurance, in collaboration with Munich Re and Gallagher Re, has successfully placed the region’s first parametric flood reinsurance cover. This innovative solution is designed to protect Al Wathba Insurance’s retention while enabling the company to benefit from the speed, transparency, and efficiency that parametric structures offer.

As insured losses from natural catastrophes continue to rise across the GCC—particularly from floods and extreme precipitation events—insurers are increasingly turning to innovative risk transfer solutions. This pioneering partnership brings a fresh approach to market by introducing a parametric cover specifically designed to respond quickly and effectively to flood-related losses.