2023 saw 20 named storm cross through the Atlantic, putting the year fourth for the most-named storms in a year since 1950. The unusual Atlantic hurricane season caused alarm as hurricanes passed through areas unfamiliar to such a mighty peril. This includes Hurricane Idalia, one of the most detrimental hurricanes in 2023, generating over $18.5 billion in economic losses.
As the frequency and severity of hurricanes increase season after season, the rising sum of insured losses is increasing pressure on price and capacity availability for corporate insurance programs across the United States and around the world. It’s more important than ever to continuously develop alternative insurance solutions suitable for a volatile climate and tailored to meet the specific needs of vulnerable industries like hospitality, construction, renewables, and property.
This is where Descartes’ bespoke parametric hurricane insurance solution steps in. With predefined payout amounts and trigger thresholds, our products give clients access to liquidity through a swift claims process and protection for assets not covered adequately by traditional insurance policies.
To help exposed clients like food & beverage providers, contractors, solar farm operators, or property owners better understand how our hurricane cover leverages data and the latest scientific research to assess the risk, we have outlined everything there is to know about our innovative solution in our hurricane insurance product sheet.
As more companies switch or complement their traditional cover with parametric insurance, understanding what exactly happens in the event of a hurricane can be challenging to grasp fully, but we have you covered.
Want to find out more? Check out our hurricane insurance product sheet today.
