Earthquakes are sudden, devastating, and leave behind a complex web of financial challenges. From physical damages to hidden costs like business interruptions, the aftermath can overwhelm traditional insurance coverage. That’s where parametric earthquake insurance comes in—a revolutionary solution offering fast payouts and simple terms to help businesses and communities recover quickly.
What Is Parametric Earthquake Insurance?
Parametric earthquake insurance provides coverage based on pre-defined triggers, such as an earthquake’s magnitude or ground-shaking intensity, rather than the extent of actual damage. If the earthquake meets or exceeds the agreed parameters, a payout is issued immediately—no deductibles, no exclusions, and no lengthy claims process.
How Does It Work?
Set the Parameters
Coverage is tailored to a specific earthquake-related trigger, like seismic magnitude or ground acceleration in your area.
Event Occurs
When an earthquake meeting the agreed parameters is recorded, the policy is activated.
Receive Payouts Quickly
Funds are issued promptly, enabling swift recovery and reducing downtime.
Why Choose Parametric Earthquake Insurance?
No Deductibles
Unlike traditional policies, parametric earthquake insurance doesn’t require you to shoulder a portion of the loss, ensuring maximum financial support.
Fast Payouts
With no need for damage assessments or adjusters, payouts happen quickly—often within days of the event.
Transparent and Simple
Coverage is based on objective, measurable seismic data, so there’s no ambiguity about how or when payouts occur.
Expedited Recovery
Immediate access to funds helps you address urgent needs, stabilize operations, and reduce the financial toll of an earthquake.
Limited Exclusions
Coverage is broad, filling gaps often left by traditional earthquake insurance.
Who Can Benefit from Parametric Earthquake Insurance?
- Property Owners: Protect against structural damage and repair costs.
- Businesses: Offset losses from operational downtime and supply chain disruptions.
- Manufacturers: Safeguard equipment and infrastructure critical to production.
- Public Sector: Ensure funds are available for rapid disaster response and recovery.
Key Features
- Customizable Triggers: Choose parameters like magnitude, peak ground acceleration, or distance from the epicenter.
- Broad Coverage: Protect against physical damages and hidden costs like lost revenue or emergency expenses.
- Streamlined Process: No claims adjusters or loss verifications needed—just fast, reliable payouts.
- Data-Driven Accuracy: Uses seismic data from trusted sources for transparency and precision.
The Hidden Costs of Earthquakes
Earthquakes don’t just damage property—they disrupt lives and businesses in ways traditional insurance can’t always address. From lost income due to closures to the cost of finding alternate facilities, the financial impact is wide-ranging. Parametric earthquake insurance helps bridge these gaps, offering financial support where it’s needed most.
Be Prepared Before the Ground Shakes
Parametric earthquake insurance is designed to give you peace of mind and financial resilience when disaster strikes. With quick payouts, clear terms, and no deductibles, it’s an essential tool for businesses and individuals in earthquake-prone regions.
Contact us today to learn more about protecting yourself and your clients with parametric earthquake insurance.