LONDON – The Willis insurance brokerage company has designed a new parametric insurance policy launched by red weather alerts in the United Kingdom and Ireland in partnership with Swiss Re Corporate Solutions, The Insurer reported on Thursday.
The sectors targeted by this police are notably the hotel industry, with canceled events or closed installations to customers after weather alerts resulting in operating losses.
Compensation will be paid according to the occurrence and location of a red weather alert emitted by the British Office Met or the Irish Met Eirennn in the event of violent meteorological phenomena presenting a high risk for the lives of people, material damage and considerable disruption of travel.
Parametric fonts generally compensate claims on the basis of indices measuring the consequences of the occurrence of a meteorological event or a disaster and not the prediction of the occurrence of such an event.
“By triggering the parametric police on forecasts rather than on the event, the insured receives a payment agreed in advance which can cover income losses and operational costs due to the measures taken in anticipation of the disturbances linked to the weather conditions, even if the event does not manifest itself as planned,” said Claire Wilkinson, director general of the alternating risk transfer at Willis.
(Written by Henry Gale, Bertrand de Meyer, edited by Kate Entringer)
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