Demand increasing for parametric insurance solutions

Peter Lacovara, head of commercial at Floodbase, said that the demand for parametric insurance is increasing as a greater number of people have started to feel that these products provide protection for things and events that indemnity insurance cannot cover, Reinsurance News reported. He added that the property insurance market is hard across the world due to severe catastrophe and non-catastrophe losses and this is driving institutions to consider alternative insurance products.