Group 8
2022-11-15

Parametric Hail Insurance: Protecting Universities from Severe Hail Damage

Underinsurance for historical architecture & infrastructure of universities worsens among traditional carriers

As climate change continues to face severe uncertainty, the severity of hail is expected to increase significantly, particularly across North America. Many states across the region have continued to see a soar in damages and insurance costs, where hailstorms make up over $10 billion dollars in property damage per year. 

Traditional carriers for universities have significantly reduced capacity, tightened terms & conditions, raised prices, or simply retreated from the market, inevitably leaving them uncovered for severe hail damage. 

Parametric products provide an alternative solution, as universities can receive immediate pay-outs, enabling regular campus procedures to return to normal. What’s more, parametric insurance also can cover historical buildings – particularly the case for older universities – which many traditional insurers often cannot as it is deemed as high-risk.

Descartes’ parametric insurance for hail damage offers an alternative risk transfer solution

Want to find out more? Fill out the form to download our latest case study, highlighting Descartes’ insurance against hail damage for universities. 

Underinsurance for historical architecture & infrastructure of universities worsens among traditional carriers

As climate change continues to face severe uncertainty, the severity of hail is expected to increase significantly, particularly across North America. Many states across the region have continued to see a soar in damages and insurance costs, where hailstorms make up over $10 billion dollars in property damage per year. 

Traditional carriers for universities have significantly reduced capacity, tightened terms & conditions, raised prices, or simply retreated from the market, inevitably leaving them uncovered for severe hail damage. 

Parametric products provide an alternative solution, as universities can receive immediate pay-outs, enabling regular campus procedures to return to normal. What’s more, parametric insurance also can cover historical buildings – particularly the case for older universities – which many traditional insurers often cannot as it is deemed as high-risk.

Descartes’ parametric insurance for hail damage offers an alternative risk transfer solution

Want to find out more? Fill out the form to download our latest case study, highlighting Descartes’ insurance against hail damage for universities.