Experts warn clients will look elsewhere if brokers ignore parametric insurance
Specialists have highlighted the benefits to brokers of delivering parametric insurance to their clients and warned they will lose out if they do not engage with the fast-expanding offering that is becoming more mainstream.
In the opinion of FloodFlash CEO, Adam Rimmer, clients and brokers will find it more difficult to recover from catastrophe, such as severe flooding, if they use traditional insurance over parametric insurance (see box).
What is parametric insurance?It is a non-traditional insurance product that can offer pre-specified pay-outs based upon a trigger event. Trigger events depend on the nature of the parametric policy, it can include natural disasters, such as wind speed or flood measurements.
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