Tropical Cyclones - A growing risk and the importance of Parametric Insurance

In recent news, the Australia Bureau of Meterology has now raised the La Nina risk alert, which essentially translates into a higher risk of widespread flooding and tropical cyclone alerts across the globe. Climate models are indicating further cooling is likely to come instigating wetter-than-average conditions for northern and eastern Australia.

In this podcast, we look at the likelihood of this growing risk as with climate change taking a turn for the worse, unexpected losses could put a financial strain on individuals, businesses and societies.

Learn how STORM, a parametric windstorm solution, can swiftly predict optimal insurance solutions in fast-changing climatic environments. This allows settlement of natural disaster claims within days of the storm, based on pre-agreed parameters such as the storm's wind speed at a specific location. Thus, addressing the protection gap and complementing traditional insurance policies which generally cater to tangible losses.

This session covers:

• A parametric data-based insurance solution STORM protecting businesses with fast, transparent and flexible solutions.
• Parametric insurance radically reshaping the insurance industry and protection gap; providing a growing opportunity for a paradigm shift in the world of insurance products.

The webinar was hosted by Stephen Higginson, Head of Customer & Distribution for Australia and New Zealand at Swiss Re Corporate Solutions and was joined by:

• Martin Hotz – Head Parametric Nat Cat at Swiss Re Corporate Solutions
• Thomas Loridan – CEO and Co-Founder Reask