Insurance trial could speed recovery from weather events

Weather patterns are becoming harder to predict (Image: NZME)

Fri, 29 Jul 2022

With weather events becoming more extreme, insurers are looking at different insurance models to help communities recover more quickly from widespread damage.At Tower, we’re piloting ‘parametric’ insurance in the Pacific; with the view we’ll roll it out further if it works well.Parametric insurance pays out when a clearly defined weather event such as a cyclone happens.There is no property assessment. Instead, when the weather event occurs, you automatically get the funds you’re insured for.It aims to help communit...

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