Parametric insurance is a flexible coverage option that can be adapted to fit a variety of industries and risk types. It offers a customizable approach to managing climate-related financial risks.
It is available to a broad range of entities and can be tailored to meet unique or specialized coverage requirements, ensuring protection aligned with specific business or operational needs.
ClimateSafe Insurance follows a structured process to ensure reliable coverage and support. From assessing climate risks to processing claims, each step is designed to protect policyholders effectively.
Insurers assess historical weather patterns, climate projections, and regional risk factors to evaluate the likelihood and potential severity of extreme weather events in a specific area.
Once the risks are assessed, insurers calculate the premium amount that policyholders need to pay to obtain coverage based on the level and nature of the identified risks.
If a covered climate-related event occurs, policyholders can file a claim to receive a payout from the insurer that helps cover financial losses resulting from the incident.
ClimateSafe Insurance is a parametric product designed to provide quick financial assistance and peace of mind to individuals at risk from climate events. It delivers payouts based on specific weather triggers like extreme rainfall or temperature variations.
This insurance product relies on past weather data to set a benchmark for rainfall or temperature in a defined location and period. Real-time data is then monitored, and when those preset conditions are reached, the policyholder receives a payout without any long claim procedures.
Key features include:
This plan is ideal for people whose income depends on daily work and are more affected by weather changes. It suits individuals like delivery agents, daily wage earners, service professionals, retail store owners, construction laborers, event participants, and household residents.
At present, the policy offers protection against: