Tower and CelsiusPro launch parametric cyclone coverage

CelsiusPro and Tower have launched a new IT platform for parametric insurance in Fiji and Tonga, starting with Cyclone Response Cover.

The product provides rapid cash payouts to policyholders when a high-wind tropical cyclone impacts their insured properties. Powered by CelsiusPro’s White Label Platform, the system uses data from the Joint Typhoon Warning Center to trigger payouts based on predefined cyclone intensities. Key features include self-registration, an online premium calculator, real-time monitoring, and mobile payment options, enhancing accessibility for customers, especially in rural areas.

Tower and CelsiusPro plan to expand their white label platform partnership to include customers in Samoa by the end of September 2024, and will soon launch a parametric rainfall product for customers in Fiji.

“We are pleased to partner with Tower and support their commitment to helping clients recover faster from climate events. Our proprietary technology enables Tower to provide an intuitive and seamless user experience, making it easier for clients to purchase parametric insurance.” – Mark Rueegg, CEO of CelsiusPro .

“Tower’s purpose is to protect and enhance the future for the good of our customers and communities. Parametric insurance is one tool we are using to help increase insurance awareness and uptake in the Pacific. We are committed to helping the economic and personal resilience of Pacific communities using parametric insurance, and are thrilled to partner with CelsiusPro on this journey.” – Ron Mudaliar, Chief Underwriting Officer at Tower Insurance .