An innovative index-based insurance solutions that provides financial flexibility to businesses exposed to large Atlantic windstorm events.
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Clients exposed to catastrophic named windstorm risk often face gaps in coverage in the traditional insurance marketplace. Does your existing coverage offer appropriate protection?
Swiss Re Corporate Solutions offers tailor made parametric solutions to complement traditional programs that cover a broad range of economic losses related to a named windstorm event.
What is parametric insurance?
Parametric policies are policies that pay out when a named windstorm event meets or exceeds a certain wind speed, and the insured incurs losses.
How does STORM work?
Our proprietary STORM product is unique in the marketplace. We tailor each parametric policy so that closely mirrors the insured’s experience during a windstorm. Following a named windstorm event in the United States or the Caribbean, RMS HWind produces a granular wind footprint, allowing us to determine the highest one-minute sustained wind speed closest to the policyholder’s location(s). The policy pays out based on the intensity of the event as the insured experiences it.
Swiss Re Corporate Solutions’ proprietary STORM product uses RMS HWind as a third-party data provider. HWind produces a granular wind footprint, allowing us to calculate wind speed closest to the insured’s location(s). For insureds with multiple locations, limit can be allocated based on their needs.
Why choose STORM?
It offers the coverage you need.
Key facts and benefits:
- Payout: Typically within 30 days following an event
- Broad coverage: Payouts can be used for property replacement, repair costs, business expenses, lost revenue, and other immediate economic needs
- Proof of loss: Simple confirmation of total loss amount, signed by an officer of the company; no receipts required