Could parametric insurance help narrow the insurance coverage gap? These case studies provided by Lloyd's risk insight team examine the need for a product that provides effective coverage with transparent claims service and automated responses to customer loss. With data indicating that a large percentage ($162.5bn in 2018) of global economic losses derived from natural catastrophes in the past 10 years were uninsured, the concept of “staying afloat" versus being “made whole" appears to be gaining popularity. Learn how parametric insurance can help manage risks ranging from earthquake damage to market volatility.
These case studies are part of study on parametrics that offers an overview of parametric insurance and outlines how the Lloyd’s market’s structure provides a comprehensive ecosystem in which parametric products can be developed. Learn more about the study here.