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Parametric Weather

Automatic payouts triggered by weather events. Ideal for renewable energy and tourism.

Overview

Unlike traditional insurance that pays based on actual loss, parametric insurance pays out a pre-agreed amount when a specific weather parameter (e.g., rainfall, wind speed, solar radiation) is met.

1Who needs this?

Solar & Wind Farms
Agricultural Producers
Outdoor Event Organizers
Tourism Operators

What it covers

  • Revenue loss due to low solar radiation
  • Business interruption due to excessive rainfall
  • Wind speed triggers for wind farms

What is NOT covered

  • Physical damage (requires traditional property insurance)
  • Operational failures not caused by weather

Important Note: Coverage details, limits, and exclusions may vary depending on the specific policy terms, the insurer selected, and individual risk profiles. Always refer to the actual policy document for full terms and conditions.

Common Claim Scenarios

Solar Farm Revenue Gap

"A solar farm in Kedah experienced an unusually cloudy month, resulting in a 30% drop in energy production. Because the solar radiation fell below the agreed threshold, the parametric policy triggered an automatic payout within 14 days, covering the revenue shortfall."

Frequently Asked Questions

Do I need to prove my loss?
No. Payouts are based solely on the data from independent weather stations or satellites.
How fast is the payout?
Extremely fast. Since there is no loss adjustment process, payouts are typically made within 14-30 days of the trigger event.
Can I use this for outdoor events?
Yes. If an event is cancelled due to rain exceeding a certain millimeter threshold, the policy pays out automatically.
Is this available in Malaysia?
Yes, we work with specialized global reinsurers to provide these innovative solutions to the Malaysian market.
What data source is used?
We use objective, third-party data from organizations like NASA, Meteoblue, or local meteorological departments.

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