What Is Parametric Insurance?

Parametric describes a type of insurance that works differently than the conventional “indemnification” insurance types (e.g. Home, Life, Auto)  familiar to most consumers. Parametric insurance involves a special type of financial contract that transfers money to policyholders upon the occurrence of specific, predefined events.

Parametric insurance contracts define the characteristics or thresholds of events that will trigger payments. Those characteristics are also known as the events’ “parameters” (thus the name “parametric.”)

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A Festival of Disorganization

Guest Post by Duke Crestfield, structural engineer

Last year on 19 September I was in Guadalajara, enjoying one free day before the start of the Mexican Seismic Engineering Society conference.  In the morning there were earthquake drills, since it was the 32nd anniversary of the devastating 1985 Mexico City earthquake, which influenced me a lot as a young engineer. Then in the afternoon, the M7.1 Puebla quake hit Mexico City.

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