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Swiss Re Ltd. and primary insurance partner Falls Lake Insurance Cos. have introduced Quake Assist, a parametric insurance product that aims to expedite and simplify payments to victims of earthquakes in California, Swiss Re said Friday.
Aimed first at small and medium-sized businesses, Quake Assist is structured as parametric insurance under which coverage payments are triggered automatically once certain parameters are met, the statement said.
Payments are based on the earthquake’s magnitude of 4.0 or greater and the distance of the policyholder from the epicenter, and customers receive a payout once this condition is met, the statement said.
Swiss Re developed the proprietary model for Quake Assist, insurance partner Falls Lake provides the capacity, and coverage is marketed and sold to businesses through Arrowhead General Insurance Agency Inc., the statement said.
Swiss Re Ltd. on Tuesday said it expects a $1.3 billion claims burden from major natural catastrophes and man-made disasters in the fourth quarter of 2018, as the California wildfires and bigger-than-expected losses from Japanese typhoons hit results.