Allianz Trails Blockchain Tech for Catastrophic Swap Instruments
Allianz Risk Transfer and Nephila Capital Ltd. have used blockchain smart contract technology to conduct a natural catastrophe swap in a pilot test, demonstrating that processing and settlement can be accelerated between insurers using blockchain-based smart contracts. The test indicates blockchain-based contracts can also be applied to other insurance and investment transactions. Cat Bonds And Swaps. Catastrophe (“cat”) bonds and swaps transfer a specific set of risks, including natural disaster risks like typhoons and hurricanes, from an insurer to other insurers or investors. In a cat....
Related News
Allianz, the German insurance major has implemented blockchain technology to cater to the CAT Bonds market. Adoption of Blockchain technology in the Insurance sector has grown beyond the United Kingdom. The decentralized ledger technology, which acts as the backbone of the Bitcoin network will soon be adopted by the German Insurance major, Allianz (ETR:ALV). Allianz, headquartered in Munich, Germany has announced the new development in its latest statement released to the press yesterday. The company will be initially implementing the blockchain technology for trades involving ‘CAT Bonds’....
Earlier this month, blockchain startup Everledger joined the latest class of a startup accelerator owned by insurance and financial services company Allianz France. Everledger, which uses a blockchain as a distributed registry for diamonds, is set to work with Allianz France, a subsidiary of Germany-based Allianz, to explore the technology even further. Sylvain Theveniaud, managing director for the Allianz accelerator, said in a recent interview that his company sees promise in the blockchain and will work with Everledger to develop proofs-of-concept as part of a research initiative. By....
Germany-based insurance giant Allianz has reported it has successfully used blockchain-based smart contracts to handle catastrophe swaps and bonds, adding that the technology could boost marketability of the financial instruments. "Cat swaps" and bonds are tradable instruments that allow insurers to guard against huge potential losses following a major catastrophe, and which are triggered under predefined parameters. However, the payments between insurers and investors can drag on for weeks or months after a disaster. Automating the process via smart contract technology, though,....
Blockchain startup Everledger has joined a startup accelerator owned by insurance and financial services company Allianz France. Announced on 3rd December, the class of six startups will move to workspace located at the Allianz Riviera stadium in Nice, France. Participants in the accelerator will have access to the firm's network of advisors and investors, with Bpifrance and Idinvest Partners cited specifically. According to the program's website, the program will last for five months. London-based Everledger uses a blockchain implementation as a diamond verification registry, which, as....
German-based insurance giant Allianz has announced it has been successfully testing Blockchain technology and smart contracts for the processing of default swaps and bonds. The company is feeling positive about the potential of technology to increase the competition among financial institutions. Allianz Risk Transfer, founded in 1997, has been operating as the center of competence for alternative risk transfer business within the Allianz Group offering tailor-made insurance, reinsurance and other non-traditional risk management solutions to industrial and financial clients worldwide.....