Recent quakes in Asia trigger parametric insurance policies
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Recent earthquakes in Asia, including the 6.4-magnitude quake in the Chinese county of Yangbi in May, have triggered parametric insurance payouts, Artemis reported. The Yangbi earthquake triggered a parametric earthquake insurance payout of 40 million Chinese yuan ($6.3 million). Additionally, a 7.0-magnitude earthquake in Japan’s Fukushima region in February triggered a parametric policy taken out by a manufacturing industry client of Swiss Re Corporate Solutions.
