Lloyd's risk facility launches parametric cyclone insurance in Australia

The Lloyd's Disaster Risk Facility has launched parametric insurance for retail customers in Northern Australia to ensure quicker payouts to cover damages from a severe tropical cyclone, Asia Insurance Review reported. The Redicova cyclone parametric insurance will support small and medium businesses, agricultural enterprises and individuals in the region. It is led by Beazley PLC, with initial reinsurance support from DRF’s members Axa XL, Hiscox Ltd. and RenaissanceRe Holdings Ltd.