 "insurers, insurance")
Indian insurance companies are recording a rise in parametric claims — paid out automatically when a predefined event meets a specific threshold (parameter) — and though awareness about the product is low they expect such business to grow due to the impact of climate change.
GoDigit General Insurance recently made its first parametric insurance payout of Rs 3,000 (per claim) to migrant labourers in Noida when the temperature breached its threshold of 42 degrees Celsius. It offers heat-index-based parametric insurance to migrant labourers in six cities in partnership with K M Dastur Reinsurance Brokers and Jan Sahas Foundation.
Bajaj
