STORM

An index-based insurance solution that helps you recover faster after a tropical cyclone.

Clients exposed to tropical cyclone risk (hurricanes, typhoons, and other named tropical cyclones) often face financial hardships in the aftermath of a hurricane, including insurance coverage gaps, such as peril-specific sub-limits, deductibles and exclusions, revenue disruption and emergency response expenditures.  Our parametric STORM solution can complement a traditional programme or offer standalone coverage for uninsurable or underinsured physical and financial exposures, helping you get back to "business as usual" faster.

What is parametric insurance?

Parametric insurance pays out when an event (i.e. a tropical cyclone) meets or exceeds a certain intensity. In the case of STORM, we use the highest wind speed at the insured location during the duration of a tropical cyclone. Discover more of our parametric solutions

By utilizing the wind speeds that occur at the insured's location(s), STORM is designed to closely mirror our customer's observable experience on the ground during a cyclone. For example, days after a hurricane makes landfall, we receive a high-resolution wind footprint, with wind information every kilometer. We determine the highest one-minute sustained windspeed during the hurricane within a kilometer to the policyholder's location(s), regardless of the ultimate track or Saffir-Simpson Category of the hurricane. The policy pays out based on this wind speed, being more representative of what the insured's location(s) experienced during the hurricane.

We team up with the leading tropical cyclone windspeed data providers worldwide. In the U.S and the Caribbean, we use RMS HWind. In other parts of the world, we work with Reask.

Why choose STORM?

STORM is a fast, flexible and transparent insurance product that gets you cash in hand when you need it the most – in the immediate aftermath of a devastating and disruptive tropical cyclone.

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

Natural catastrophes

How can we be more resilient?