Parametric insurance solutions provide security that you won’t find with more conventional insurance products. The distinguishing feature of parametric insurance is that it depends on an external event, for example a hurricane or earthquake. If this insured event occurs, you receive compensation, which is graded according to the severity of the incident.
Parametric cover is an ideal way of protecting yourself against a catastrophe that could affect your business in any number of ways. It’s transparent and payments are made fairly promptly, normally within six weeks. That can make all the difference when you’re trying to ensure your business keeps running as normal.
Such considerations prompted a salt manufacturer located in a cyclone-prone area of Australia to come to us for protection against the threat of natural catastrophes. We collaborated with the company to define where their critical exposure lay and agreed on parametric natural catastrophe cover over a radius of 100 km around the site.
Having identified the key risks, we applied our underwriting expertise to define a parametric index matching adequate insured sums for the client’s needs with different levels of cyclone severity. As a result, we were able to ensure comprehensive protection for the company against those unforeseen weather-related risks that were missing from their off-the-shelf insurance cover.
Swiss Re Corporate Solutions has a strong track record in designing parametric products based on the client’s specific situation. Our technical and insurance experts know how to work with even the most complex risks and ensure the client is adequately covered in the event of a natural catastrophe.
As extreme weather events increase, companies will become more aware of their exposure to this type of risk and will start to review their insurance cover. When that happens, you should talk to us.
Contact us to learn more.
Swiss Re Corporate Solutions hosts and sponsors quarterly drinks event in cooperation with A Word About Wind at our iconic London offices at 30 St Mary Axe. These exclusive networking opportunities enable senior wind energy industry professionals to network with their counterparts working in finance and investment in the London City.Learn more
Swiss Re Corporate Solutions won most Innovative Product/Service for Insur8, Hong Kong's first ever Non-Damage business interruption insurance solution to protect businesses from financial losses occurring in the event of a typhoon. This trigger based solution, which was launched in July 2017, makes a previously uninsurable event, which impacts all businesses in Hong Kong, insurable.Learn more
There is a growing range of innovative risk transfer solutions to cover the ever-evolving range of exposures facing business today. Product development and innovation around data and data analytics have expanded the scope of insurance solutions to a wider range of threats and perils.Learn more
The annual Airmic conference from 6-8 June provided a vibrant platform to highlight our primary lead capabilities, commitment to the UK regional market and expanding portfolio of commercial insurance offerings.Learn more
29 November 2017
13 November 2017