In this Insurance Institute of London (IIL) claims webinar, Damian Glynn will give an overview of parametric insurance, and provide attendees with an understanding around how it fits within the existing insurance context.
Currently, UK insurance is predicated on the basis of damage at the premises, with various extensions expanding that. Whether this model remains optimal is a moot point, and the fact that the scope of cover is widely misunderstood has been brought into sharp focus by the Covid-19 pandemic.
Parametric cover offers a partial alternative solution, with the trigger for cover constituting anything agreed by the parties – drop-off footfall, depth of flooding, issue of regulatory restrictions are examples. The trigger can lead to a pre agreed payment or an indemnity cover.
In his webinar, Damian will explain what parametric insurance is, whether it is a new concept, offer his view as to whether it might replace or complement existing cover and the extent to which the pandemic might increase adoption of it.
By the end of this webinar members would have gained an insight into:
• What parametric insurance is
• What the challenges are that existing covers present
• The extent to which parametric cover will solve those