The latest win for Skyline Partners;
Skyline Partners Ltd., the parametric insurance catalyser, is delighted to have won, with partner NFU Mutual, the Innovative Product Award – Commercial Lines at the prestigious National Insurance Awards, for our Parametric Heat Stress Insurance for dairy farmers.
The index-driven cover offers customers pre-determined pay-outs based on a trigger event. Independent satellite and weather-station data is constantly monitored and recorded. If the temperature limits specified in the policy are exceeded, the policy pays pre-determined claims payments upon expiration. Farmers are able to use payments cover the cost of losses in production and improve their farm infrastructure to combat the effects of heat stress. Insureds may select from four coverage levels to suit their risk appetite, budget, and herd size.
Research from NFU Mutual found that 41% of dairy farmers say heat stress is a priority risk for their business, with 70% yet to take further steps to reduce the risk.
“We’re absolutely chuffed to have received this honour, and to have worked with NFU Mutual to create the product,” says Skyline Partners Co-Founder and Executive Director Gethin Jones. “Part of the power of parametric insurance lies its ability to cover the risks that conventional insurance cannot. One example of that is the risks of losses which are difficult to pin down in pounds and pence. Old-fashioned insurance just cannot cope with that. Our heat stress product is a great deployment of parametric to make an uninsurable risk insurable.”
“Our sincere thanks to the judges, the organisers of the awards, and congratulations to all the other winners and shortlisted companies,” says Skyline Partners Co-Founder and Executive Director Laurent Sabatié. “The ceremony was a very fine evening, and we are delighted to accept the award, which is another step forward for parametric insurance.”
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