I-J Gujrat, Chief Executive Officer of Machine Cover , tells Leader’s Edge magazine why the COVID-19 pandemic has highlighted the benefits of using parametric insurance products.
I-J said that recent disputes about non-payment of business interruption insurance arising from the pandemic could have been avoided if insurers used parametric triggers.
He said current insurance products “essentially fall short in that they do not address the types of calamities that might be exemplified by pandemics, except to the extent of excluding them”.
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