BELRIM and BHSI are teaming up to bring an insightful exchange on Parametrics.
Parametrics in risk and insurance management represent a dynamic and innovative approach that goes beyond traditional methods of assessing and mitigating risk. Unlike conventional insurance models that rely on indemnification after a loss occurs, parametric insurance involves predetermined, quantifiable parameters to trigger payouts. These parameters are often based on objective and measurable variables, such as seismic activity, weather patterns, or financial indices. This proactive approach allows businesses and individuals to receive swift and transparent compensation in the event of a predefined event, streamlining the claims process and providing a more predictable risk management framework. Parametrics offer a versatile tool for addressing a wide range of risks, enhancing resilience in the face of uncertainty, and promoting efficient risk transfer strategies. This emerging paradigm in risk and insurance management is gaining traction as organizations seek more responsive and adaptive solutions to navigate the complex landscape of potential threats.
Dr Alin Radu is responsible for coordinating FastCAT, Berkshire Hathaway Specialty Insurance’s (BHSI) parametric insurance product, in UK and Europe. Alin has more than 10 years of experience in catastrophe (CAT) modelling, structural engineering, and parametric insurance for CAT exposed risks. The presentation will focus on the fundamentals of natural catastrophe parametric insurance, including a brief introduction to CAT modelling and the importance of strong analytics in building reliable and transparent parametric solutions. The discussion will be supported with real-market FastCAT examples and BHSI’s view of the parametric market.
The event will be in English and will be followed by a networking drink.
More info on timing and venue will follow soon.
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