Aura Parametric Can Rok The Caribbean

Aura Underwriting, part of Rokstone, the Aventum Group’s Global Specialty (Re)insurance MGA, has today 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.

The hurricane season is now underway in the Caribbean, and the number and severity of hurricanes in the area is increasing. Last year recorded 21 named storms, the third highest on record, exhausting the National Hurricane Centre’s hurricane names list.  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. 

Parametric policies open up additional opportunities for brokers that sit outside traditional Nat Cat indemnity risk appetites.  The policies can run alongside standard indemnity policies and fill the void created from a lack of capacity in the market.  The parametric policy from Aura offers the highest limits available, from USD 500,000 to USD 5,000,000, 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.  Pay-outs 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.

Tom Green, Director, Aura Underwriting comments: “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.  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.”

Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa, and the Middle East.  It is a leading specialist MGA serving the needs of international (re)insurance brokers in specialty lines business. It currently underwrites USD750m GWP in several specialty lines including Marine, Aviation, Terrorism & Political Violence, Direct & Facultative Property, Treaty Property, Construction & Engineering and Liability.

About alastair walker 10949 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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