Storm parametric insurance
Pays out when the maximum wind gust measured at the insured location exceeds the damage threshold agreed in the contract.
Index, trigger and payout
Payout
How the cover works
What is measured, and when it pays.
- Risk covered
- Sustained wind/gust speed exceeding a damage-causing threshold during a storm event.
- Parametric trigger
- Max 10m wind gust at the nearest grid cell/station.
- Payout
- Predefined payout compensating the loss, sized on an 11-tier trigger scale.
- Index resolution
- Grid cell, per event
- Data and model
- Weibull distribution (k=2) — standard wind-speed model.
- Typically for
- Construction & infrastructure Logistics, maritime & fisheries
Weather family
Other weather covers.
Next step
Test the trigger on your own location.
We back-test the index at your site over its full history and come back with indicative terms, before anything is bound.