P&C Technosavvy the November 2020 issue

New Parameters

Lloyd’s addresses business interruption.
By Michael Fitzpatrick Posted on October 29, 2020

Lloyd’s Lab has selected U.S. insurtech Thimble, which provides on-demand insurance for small businesses, to join its accelerator program, where it will develop low-limit parametric contingent business interruption coverage to protect businesses from COVID-19 and future pandemic losses. Thimble says the product will position insurance as a “first line of defense” that pays small businesses immediately if certain criteria are met.

Lloyd’s is also launching what it calls a first-of-its-kind business interruption policy to protect small and midsize enterprises from IT disruptions or downtime. The new policy from Parametrix Insurance automatically pays out if a customer suffers an outage in critical IT services, such as cloud, e-commerce or payment systems. Lloyd’s says the new product, led by Tokio Marine Kiln, is the first off-the-shelf parametric IT downtime policy. It’s particularly important today given that so many businesses have shifted their critical IT operations to third-party service providers, Parametrix says.

Separately, Farmers Edge is collaborating with Munich Re to deliver large-scale data-driven parametric weather insurance. The deal combines highly precise, site-specific data sets with analytics and artificial intelligence to develop scalable solutions. Agricultural parametric insurance covers areas that are excluded from all-risks indemnity policies, such as excess moisture or heat. The policies are designed to pay out as soon as the parameters are triggered.

Michael Fitzpatrick Technology Editor Read More

More in P&C

Breaking the Cycle
P&C Breaking the Cycle
As insurance markets for complicated risk remain firm, many are opting out…and...
P&C Insurtech 2.0
Q&A with John Horneff, Founder, Noldor
Revving Up the Analytics Engine
P&C Revving Up the Analytics Engine
Analytics help companies grapple with more storms, fewer goods, and increasing c...
Sponsored By CNA
Specialty’s Role in Weather Risks
P&C Specialty’s Role in Weather Risks
Weather losses are driving innovative solutions in the specialty insurance marke...
Reinsurance on the Ropes
P&C Reinsurance on the Ropes
For the first time, alternative capital investments into the...
Where From Here?
P&C Where From Here?
The past, present and potential future state of the cyber in...