Parametric: the time is now as the concept enjoys a renaissance
03-02-2023
Climate, cloud and cyber risks change constantly, which is why innovative parametric products are a perfect fit, argues panel.
Parametric products hold the key to unlocking greater insurance penetration for fast-evolving risks related to climate, cloud technology and cyber, according to speakers on a recent Intelligent Insurer panel.
This type of index-linked insurance is evolving to keep up with changing risks, but panellists Ori Cohen, co-founder and chief operating officer of Parametrix, and Jaime de Piniés, chief executive officer of Blue Marble, agreed that the full potential of parametric insurance is still to be realised. They called for a greater push for education and information about its benefits for businesses and wider society.
When it comes to climate-related risks, a lot of the push to develop parametric products is coming from greater demand for cover as a result of increases in frequency and severity of catastrophes related to climate risk, de Piniés said.
The rest of this article is locked for subscribers only. Please login to continue reading.
If you don't have a login, you will need to purchase a subscription to gain access to this article, including all our online content. Please use this link and follow the steps.
To request a FREE 2-week trial subscription, use the same link but select the 'trial' option in the dropdown box. NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Parametric insurance, Cliame risks, Ori Cohen, Jaime de Piniés, Blue Marble, Catastrophes, Technology, Automation, Global
