Aura Underwriting, part of Rokstone, the Aventum Group’s global specialty re/insurance MGA, has announced the launch of Aura Parametric, a new Caribbean parametric product to complement its existing Lloyds Caribbean binder.
The product provides reinsurance for hurricanes that intersect a pre-defined radius of an insured’s location (typically 40 miles). Quotes are available in minutes and qualifying claims are paid out in a matter of days.
Aura Parametric gives policyholders confidence in cash flow and speed of pay-out with qualifying claims settled and paid directly to the insured in a matter of days without the need to prove physical loss, the London-based company said.
Parametric policies open additional opportunities for brokers that sit outside traditional natural catastrophe indemnity risk appetites. The policies can run alongside standard indemnity policies and fill the void created from a lack of capacity in the market.
Aura Underwriting said its parametric policy offers the highest limits available – from US$500,000 to US$5 million, backed by A+ rated reinsurance capacity. The cover is pan Caribbean, with no restrictions on occupancy type, risk size, claims history, construction or other traditional risk factors. Payouts are based on the hurricane category that intersects the insured’s radius location. Bespoke policies with higher policy limits and/or different playout parameters are also available.
The Aventum group gives Aura access to real-time climate monitoring, full product administration and fast automated claims settlement.
“This new offering provides the Caribbean with vital coverage in an area with restricted capacity where the severity and frequency of hurricanes is increasing, putting more people and businesses in the region at risk,” commented Tom Green, director, Aura Underwriting.
“Our focus on technology, access to data and real-time climate monitoring tools, combined with deep underwriting expertise and claims knowledge in this space, has enabled us to create something quite unique in the market – dovetailing traditional indemnity coverage with next generation parametric insurance, backed by A+ rated capacity. The result is confidence: comprehensive cover from knowledgeable underwriters with a fast and efficient service,” he added.
About Rokstone and Aura Underwriting
With offices in the UK, Europe, U.S., Asia, Africa, and the Middle East, Rokstone currently underwrites US$750 million GWP in several specialty lines including marine, aviation, terrorism & political violence, direct & facultative property, treaty property, construction & engineering and liability. Aura Underwriting is a unit of Rodstone and a Lloyd’s Caribbean property coverholder, which focuses on professional re/insurance solutions for the placement of niche, high quality risks throughout the Caribbean region.
Source: Aura Underwriting
Photograph: This satellite image provided by the National Oceanic and Atmospheric Administration (NOAA) on Thursday, Sept. 29, 2016 shows Hurricane Matthew in the Caribbean Sea. Photo credit: NOAA via AP.
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