Reask appoints David Schmid as Head of Parametric Products to expand its global parametric insurance product offering
1st December 2022: Reask, a leading science and technology company focusing on the financial impacts of extreme weather, announces that David Schmid has been appointed as Head of Parametric Products to build out all aspects of its global parametric insurance product offering.
Reask is on track to be the leading provider of next-generation Nat Cat modelling, worldwide. Already trusted by market leaders Swiss Re, AXA, Descartes, and Twelve Capital for its proven global tropical cyclone models, the appointment of David Schmid now also positions the business at the forefront of global parametric insurance.
Reask provides best-in-class models that help insurers to build greater financial resilience to extreme weather events and answer complex questions around the impact of climate change on natural catastrophe risk. Parametric insurance is a key vertical within this offering and, with demand increasing for modelling solutions that enable the development of more competitive parametric insurance products, David’s appointment comes at the perfect time.
“Reask’s Artificial Intelligence modelling technology is enabling robust risk transfer of natural catastrophe exposure globally,” says Jamie Rodney, CEO of Reask. “David’s hire represents a core component of our strategic positioning as we continue to develop innovative modelling solutions to support the needs of our parametric insurance customers and prospects. His expertise will continue to drive our state-of-the-art technology forward to support the journey towards climate resilience.”
David is an expert in natural catastrophe risk modelling and parametric insurance. He has a deep technical knowledge of modelling, structuring, and underwriting parametric insurance products, with strong connections across global parametric markets.
Before joining Reask, David worked at Munich Re Capital Partners in Zurich for over seven years as Senior Structurer, where he was responsible for the development of parametric natural catastrophe solutions. Prior to this, he spent four years as a Pricing Actuary and Nat Cat Modeller for Munich Re’s subsidiary, NewRe. In this role, he developed data analytics tools for underwriting units within the Munich Re Group. Previously, David has worked as a Cat Risk and Geospatial Analyst for Glacier Re.
David Schmid commented: “Reask has a deep understanding of hazards based on atmospheric conditions to account for the non-stationarity of climate. By incorporating this into its novel natural disaster models, Reask combines sound risk assessment and automatic payout calculation into one, innovative product. I look forward to helping the team meet growing demand for parametric insurance solutions that deliver far more than just as a complement to traditional indemnity coverage.”
Reask, which gained significant funding from Tencent, the global technology giant headquartered in China, is disrupting the status quo by fundamentally rethinking how catastrophe models are created, as they are built from the ground up using AI and Machine Learning to deliver real-time, post event, and longer-term probabilistic risk forecasting solutions for global weather-related catastrophes.