fastTrack webinar - The Power of Parametrics: Met Office Weather Warnings as Financial Triggers

Following a record breaking summer and the collection of damaging winter storms in recent years, it is more evident than ever that severe weather events are on the rise. While physical loses are usually evident, the insurance market still fails to address the detrimental impact of these events on business interruption and operational downtime. Many businesses across the UK,  may be forced to close, cancel events or suffer from loss of attraction during these events. Traditionally, this form of business interruption has been an insurable, but Descartes and Generali are working to close this gap through their Severe Weather Warning Solution. As a parametric product, this solution provides a pre-agreed payout when the Met Office/Eireann issues a red weather warning. This allows for rapid recovery, transparency of cover and provides flexibility in how these funds are allocated. In this sessions, viewers will learn the fundamentals of parametrics and how they can be applied to this innovative solution.

By the end of the session, you will be able to:

• Describe the fundamentals of parametric solutions and how UK business can leverage parametric solutions for a more robust insurance placement
• Identify how specific Met Office severe weather alert levels and localized weather data parameters can be converted into objective policy triggers for parametric insurance.
• Illustrate practical UK scenario examples showing how immediate, trigger-based payouts provide rapid cash flow to offset revenue loss, emergency costs, and downtime.

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