Specialist re/insurance group Chaucer has teamed up with parametric insurance start-up Yokahu to launch a microinsurance product that provides cover for losses following hurricane events in the Caribbean. The policy pays out when pre-agreed wind speeds and atmospheric pressures are recorded.
Ed Lines, active underwriter of Syndicate 1084 at Chaucer, said: “The Caribbean is one of the most underinsured regions in the world and climate change is only making the problem worse.
“The reality is that traditional insurance products are simply not an option for many in the region. This product will help to close the insurance gap, giving people greater peace of mind.”
Tim McCosh, CEO and founder of Yokahu, added: “Our parametric approach means that a claims payout is determined by the severity of the event at hand – and therefore can be triggered automatically.
“We have arranged these funds to be transferred to the claimant’s mobile phone, so they have easy access to funds when it matters most.”
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