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Arbol Inc. and Beazley PLC on Thursday launched a lineup of parametric coverages in the U.S. designed to help businesses mitigate climate risks.
The facility provides up to $5 million in coverage limits and is led by Beazley, supported by Tokio Marine Kiln Insurance Ltd. and Nephila Holdings Ltd. and brokered by Guy Carpenter & Co. LLC, a unit of Marsh LLC.
Parametric coverages available include low precipitation for drought protection, excess snow covering the frequency of high snowfall days, and high wind to protect against extreme wind gusts.
Weather indices are used to develop customized coverage using triggers based on the peril and policyholder. Coverage is available on a surplus lines basis and aimed at agriculture, energy, entertainment businesses and those focused on environmental, social and governance issues.
Arbol Insurance Services LLC has been appointed Lloyd’s of London coverholder for the program.
Parametric insurance is gaining traction as traditional insurance prices continue to harden and companies operating in the sector build up a claims payment history, industry observers say.