parametric insurance News

Parametric Insurance Could Offer Hotels Relief from Coronavirus Cancellations

Organizers of events called off because of the coronavirus are likely to miss out on insurance payouts because typical policies do not cover epidemic outbreaks. Hotels hit by cancellations may fare better. That is because a new type of insurance …

How Parametric Cover Complements Traditional Insurance, Streamlines Claims

Although parametric solutions have been generally available since the late 1990s, they have more recently found their way into corporate insurance. Parametric insurance solutions offer a means to guarantee direct payout after a qualifying event and protect against unpredictable but …

FEMA Urged to Adopt Parametric Insurance and Blockchain to Address Coverage Gap

Blockchain technology and parametric insurance should be included in the Federal Emergency Management Agency’s toolbox as it strives to close the nation’s flood insurance coverage gap, according to a draft report by an advisory committee that makes recommendations to the …

How One Startup is Trying to Help Car Dealers Weather Hailstorms

Nick Pacifico has been working at his family’s Cadillac dealership in Denver since 2003. He’s never seen insurance costs this bad. “Getting coverage is nearly impossible,” said Pacifico, vice president at Rickenbaugh Automotive Group. Two years ago he paid about …

Parametric Caribbean Catastrophe Pool to Provide Quick Payout to Bahamas After Dorian

Some of the first financial relief the Bahamas receives in the aftermath of Hurricane Dorian may be a rapid insurance payout from a novel program just 12 years old. CCRIF, once short for the Caribbean Catastrophe Risk Insurance Facility, was …

Quick-Cash, Risk-Swap Deals Multiply in Extreme Weather Era

Some of the world’s largest insurers are eagerly pitching cities, states and even school districts on policies designed to pay out quickly with few questions in the event of extreme weather. The catch: Even a hurricane might not be extreme …

Telematics, Parametric Insurance and AI Pitched as Claims Solutions

Technology companies anxious to expand their market share in insurance sector announced this week the launch of products that will alert carriers of unsafe driving habits, expedite payments to small business owners whose operations are interrupted by earthquakes, and use …

Parametric Insurance Explored for U.S. Disasters

Catastrophic losses this year due to extreme weather events have led to a growing interest in parametric insurance in the U.S., according to industry experts. Weather stations and satellite images are helping to make parametric coverage an increasingly affordable and …