New disaster insurance scheme promises prompt payment

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When farmers and fishers across the Pacific have had their livelihoods destroyed by cyclones and other disasters, the financial damage and the challenges of re-building have too often been made worse by slow and cumbersome insurance payment processes.

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Parametric insurance does not require post-event assessment or certification.

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But with parametric insurance, so long as pre-agreed “triggers” have been met by an extreme weather event, a claim does not need to be lodged and money can be paid quickly.

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