Parametric Insurance – is it the answer?
In this IIL claims webinar, Damian Glynn gave an overview of parametric insurance, and provided 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 explained what parametric insurance is, whether it is a new concept, offered 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
Due to the interactivity of the event, places are limited (250 places) and will be allocated on a first come, first served basis.
This webinar will be hosted on MS Teams. Please familiarise yourself with their T&Cs and Privacy Statement.
- Online event
You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (020 7397 3911).
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.