james-potter-ceo-rokstone-1
James-Potter, Ceo of Rokstone
21 June 2022Insurance

Rokstone launches new Caribbean parametric hurricane cover

Speciality re/insurance  MGA Rokstone, part of Aventum Group, has launched a new Caribbean parametric product providing reinsurance for hurricanes that intersect a pre-defined radius of an insured’s location (typically 40 miles).

The new product, Aura Parametric, complements its existing Lloyds Caribbean binder. The parametric policy will offer the highest limits available, from $500,000 to $5,000,000, backed by A+ rated reinsurance capacity.

The cover is pan Caribbean, with no restrictions on occupancy type, risk size, claims history, construction or other traditional risk factors. Pay-outs will be based on the hurricane category that intersects the insured’s radius location. Bespoke policies with higher policy limits and/or different playout parameters will also be available.

The hurricane season is now underway in the Caribbean, and the number and severity of hurricanes in the area is increasing, the MGA explained. Last year recorded 21 named storms, the third highest on record, exhausting the National Hurricane Centre’s hurricane names list.

Parametric policies open up additional opportunities for brokers that sit outside traditional Nat Cat indemnity risk appetites. The policies can run alongside standard indemnity policies and fill the void created from a lack of capacity in the market.

The Aventum group gives Aura access to real-time climate monitoring, full product administration and fast automated claims settlement.

Tom Green, director of Aura Underwriting, said: “This new offering provides the Caribbean with vital coverage in an area with restricted capacity where the severity and frequency of hurricanes is increasing, putting more people and businesses in the region at risk.

"Our focus on technology, access to data and real-time climate monitoring tools, combined with deep underwriting expertise and claims knowledge in this space, has enabled us to create something quite unique in the market – dovetailing traditional indemnity coverage with next generation parametric insurance, backed by A+ rated capacity. The result is confidence: comprehensive cover from knowledgeable underwriters with a fast and efficient service.”

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

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


More on this story

Insurance
6 July 2022   The company claims it is one of the largest terrorism limits available in the market.
Insurance
26 September 2022   Three senior engineering underwriters at Globe Underwriting have joined Rokstone.
Insurance
15 February 2023   ‘We do not see many Caribbean brokers owning operations in London’: CEO.