What is Parametric Insurance?
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Event-based coverage for climate & emerging risks
Parametric insurance is event-driven, meaning that it pays out when a predefined event occurs using an escalating payout structure. This approach eliminates on-site loss adjustment, reduces uncertainty, and expedites the claims process.
Complementary to insurance
As a complement to existing insurance programs or a standalone cover, parametric insurance expands coverage beyond physical assets to fill protection gaps left by indemnity insurance and reduce risk exposure.
Utilizing data at its core
Each parametric product has its index derived and back-tested from parameters made of various high-quality datasets and sources. By leveraging proprietary risk models employing advanced techniques, parametric insurance adds a new dimension to understanding the client’s risk exposure from a new data-driven and data-tested perspective.
