Parametric insurance (also called index-based insurance) is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event. Trigger events depend on the nature of the parametric policy and can include environmental triggers such as wind speed and rainfall ...
Explore how Aon’s parametric insurance solutions can offer an alternative to traditional indemnity and help manage your total cost of risk using data-driven models.
Our Parametric Insurance Collection provides ways your organization can benefit from this simple, straightforward and fast-paying risk transfer solution. Reach out to learn how we can help you make...
The parametric insurance market is segmented on the basis of type, end user, and region. By type, it is segmented into natural catastrophes, specialty insurance, and others. By industry vertical, i...
The global parametric insurance market was valued at $11.7 billion in 2021, and is projected to reach $29.3 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.
As buyers consider alternative property solutions, parametric insurance has emerged as a compelling and unique option, especially in catastrophe-prone areas.
Insurance is one of the few industries that have remained largely unchanged over the past few decades at a low level: You suffer losses as a direct result of something going south, and you get paid by your insurer. But that old model doesn’t always work. For example, a construction company in a region regularly affected by hurricanes might see its projects surviving these storms mostly unscathed, but it might still see losses in terms of time and other potential costs because crews simply couldn’t make it to work. ...
Custom parametric insurance systems: core and advanced features, benefits, costs. By ScienceSoft, since 2012 in insurance software development.
Munich Re US provides innovative parametric insurance solutions designed expressly for faster payouts using automatic triggers.
There is a growing protection gap for grey swan risks — including earthquakes — in traditional risk transfer markets. ; Businesses often struggle to quantify total economic cost and are therefore retaining risk, leading to high uninsured losses. ; Parametric cover — which is triggered by third-party event data rather than physical damage to an owned asset— provides broad and flexible event response to help offset uninsured losses.