Parametric Insurance

Have peace of mind in uncertain times. Through Parametric Insurance, you will receive pre-determined payouts from weather risks and natural catastrophes - even if you haven’t suffered losses. We are award-winning, AFS licensed business insurance brokers with a depth of experience in helping Australian companies make the most of their cover. Call us on 1300 400 707 or fill in the form to speak to an experienced Parametric Insurance specialist.

We are award-winning Paremetric Insurance specialists

business insurance broker stephen ball award
business insurance broker-niba award
business insurance broker top thought leader
2020 top insurance broker medal given by Advisr
QLD 2020 top insurance broker medal
2020 top specialist insurance broker
2020 top insurance broker rated by customers award medal

Parametric Insurance lets you obtain coverage for all natural catastrophic perils, across all trade sectors and geographies, irrespective of whether they have received losses or not. Enquire now to discover how Parametric Insurance can work for your business.

Benefits of Parametric Insurance

Transparent and efficient payout process

Flexible limit and deductibles

Possible to cover risks anywhere in Australia, no matter your industry

Policy tailored to your precise exposures and mitigation measures

Insurance payouts given regardless of losses

Payouts are pre-agreed

Completely objective: no subjectivity of complex investigation processes

parametric insurance natural disaster

What is Parametric Insurance?

Essentially, Parametric Insurance is an index-based solution that works as a guaranteed payment received by you should certain events, such as a natural disaster, occur.

Unlike traditional insurance solutions that will only pay you if losses occur, Parametric Insurance payouts are triggered by specific events, such as floods.

These events must be objective, independently verifiable and transparent. A simplified example of this is if there is a major flood event, your business could be entitled to a guaranteed X amount of dollars given that specific conditions are met (such as flood levels reaching a specified depth within a certain geographic area).

Parametric Insurance can be useful if your business is highly dependent on plant, products and equipment, such as:

Mines

Retailers

Property developments

Food and beverage storefronts and warehouses

Warehouses

Storage companies

Car and automotive dealerships

Shopping centres

Tourist destinations

Hotels and accommodation

Factories

Telecommunications providers

Wineries

Farms and High Value Agriculture

Storage companies

Manufacturers

This is not an extensive list. Please contact us to see if Parametric Insurance is right for your business.

Through Parametric Insurance, our clients are able to bypass the complexities of the investigation process when making claims. Parametric Insurance can give you peace of mind through guaranteed and efficient payouts.

How does Parametric Insurance work?

As an index-based solution, Parametric Insurance only provides coverage if certain events are met. These ‘events’ are based on a measurement agreed between you and the insurer.

For example, in the case of a flood, you can only receive your payout if the flood reaches a certain measurement of depth, or in the case of a cyclone, the cyclone has to fall from a maximum distance from your Insured location.

Thanks to constant improvements in technology and AI, the data used to determine events allows for more accurate pricing and bespoke solutions for clients.

Parametric Insurance: what’s covered?

paremetric insurance winery

As stated, Parametric Insurance provides coverage for all natural catastrophic perils, across all trade sectors and geographies.

For example, natural disasters and catastrophes could include:

Floods

Cyclones

Hail

Earthquakes

Bushfires

Wind/solar yield downtime

Construction delays

And more

australia business parametric insurance

Parametric Insurance can address key exposures faced from major weather events including:

Property damage

Material losses within direct combustion zones

Power interruptions

Plant and equipment damage

Loss of supplies

Business interruption

Loss of tourism revenue

Loss of carbon credit inventory

Loss of tasting room and wine subscription (vineyards)

Smoke taint

This is far from a comprehensive list. Please contact us to discuss coverage for your situation.

What doesn’t Parametric Insurance cover?

Parametric Insurance is not designed to replace your existing traditional or conventional insurance policy, but instead be added to it for instances when you require further cover.

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Why clients choose Crucial Insurance for their Parametric Insurance

two men discussing business insurance in Brisbane

At Crucial Insurance, we are experts in helping companies find both traditional and hard-to-find insurance policies. We have extensive experience in helping companies recover from the effects of natural disasters. We see every client’s business as ours, and as such pride ourselves in our proactive approach to customer support.

We are also passionate about helping our clients reduce their premiums while still accessing the right forms of cover for their needs. From small businesses to publicly listed companies, we have extensive experience in solving insurance challenges.

We are an Australian Financial Services Licence holder and have been since 2014. This means we are regularly audited to ensure we provide a high level of skill with an exceptional level of integrity and service.

Here are just some reasons why our clients choose us:

Transparent advisory: our number one priority us adding value to your business, placing your needs first

We’ve won awards for outstanding brokerage

We’re proactive in our approach

We have years of experience in claims management and negotiate with insurers on your behalf

We help business find hard-to-place insurance options using our national and international insurer network

Speak to a Parametric Insurance specialist today.