New parametric coverage for theme parks in China

Online Chinese insurer ZhongAn recently launched a new coverage that will compensate policyholders if they are hit by rain or high temperature when visiting the Shanghai Disneyland. Compensation will be made automatically, à la parametric style, if records from Shanghai’s weather authority meet the standards. The coverage is sold through Ctrip.com, Shanghai-based provider of travel services. Bottom Line: the insurer plans to create more similar products for theme park visitors and expand weather-related coverage.