Reinsurance News

Chaucer, parametric insurtech Yokahu partner on microinsurance product

10th November 2021 - Author: Charlie Wood

Chaucer, a global specialty re/insurance group, has teamed up with parametric insurtech Yokahu on a microinsurance product aimed at providing relief following hurricane events in the Caribbean.

chaucer-logoIn the event of a hurricane, Yokahu monitors wind speed at customers’ location and the atmospheric pressure at the centre of a hurricane, allowing for faster payment.

If these reach pre-agreed limits, payment will be issued to the policyholder within a maximum of 10 days following the hurricane, although often within 24 hours.

Central pressure is reportedly a more accurate and reliable measurement than maximum wind speed and more closely correlates with the economic impact of an event.

“The Caribbean is one of the most underinsured regions in the world and climate change is only making the problem worse,” said Ed Lines, Active Underwriter of Syndicate 1084 at Chaucer.

Gallagher Re

“The reality is that traditional insurance products are simply not an option for many in the region. This product will help to close the insurance gap, giving people greater peace of mind.”

Tim McCosh, CEO and founder of Yokahu added, “We’re delighted to be working with Chaucer to help protect at-risk island communities and help address the protection gap.

“The average cost of hurricane insurance is inaccessible to most people, with traditional hurricane insurance products requiring people to pay premiums against the value of their homes.”

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