What is the product?

Beazley’s cover for cyclones in Northern Australia provides a parametric solution for individuals and businesses who either cannot afford traditional insurance premiums, or need quick and certain settlement.

The coverage triggers when there is a cat 3 cyclone or higher and the address of the individual or business has been confirmed as being located in the path of the cyclone.

 The insured would receive a text and/or email asking them for positive confirmation that they suffered a loss. Once confirmation has been received, Redicova (Beazley’s coverholder) will provide settlement within 72 hours.

How does it support green outcomes?

A changing climate has the potential to increase the frequency and severity of cyclones. By being able to expand coverage to customers that either cannot afford traditional coverage, or require quick and certain settlement, Beazley is able to support clients in managing their overall risk. This will help mitigate any environmental impact a customer may cause as a result of the cyclone.

How does it enable customers today?

Beazley and Redicova provide a simple financial outcome for clients both at the point of sale, where a client chooses how many units of coverage they want, and at the point of claim where the payment is received within 72 hours of confirmation of loss.

This enables clients to benefit from a faster economic recovery.