Can parametric insurance change the game in climate disasters?

Quick Summary:

Insurance that pays out pre-set sums instead of indemnifying losses is becoming more common as floods, hurricanes and heatwaves intensify.

Parametric insurance has been used around the world for years, from protecting crops in Africa, to property in the hurricane-prone Caribbean.

Since 2007, the Caribbean Catastrophe Risk Insurance Facility, now known as CCRIF SPC, has paid out more than US$240 million to help countries recover from disasters caused by earthquakes, tropical storms and heavy rainfall.

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Article Details

Category: EconomyBusiness

Markets: SingaporeIndiaPhilippinesUnited States

Topics: Crops Global warming Natural disasters Climate Climate risk Floods Farming Agriculture Agribusiness Typhoon Insurance Heatwaves Extreme weather

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-17 @ 03:15:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 801 words

Reading Time: 5 minutes read

Sentences: 34 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Eco-Business

News ID: 28098228

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About Eco-Business

Main Topics: EconomyBusiness

Official Website: eco-business.com

Update Frequency: 4 posts per day

Year Established: 2009

Headquarters: Singapore

News Last Updated: 13 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #100

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