Swiss Re by The Sea – Reinsurer Launches Coverage Against The Escape of Fish
Swiss Re has announced its collaboration with Taiwan Fire & Marine Insurance to launch the first parametric aquaculture insurance solution in Taiwan. The coverage targets fish farms and kicks in when there’s extreme rainfall of over 480 mm for two consecutive days . Because if there’s heavy rain, it may cause overflowing of onshore fisheries, which may cause fish to escape. “Unlike traditional insurance which pays after the fish farmers make a claim by quantifying the losses they have incurred from the heavy rainfall and flooding, this insurance payout is based on a defined trigger, in this case the amount of rainfall experienced. This means that fish farmers can receive their payout faster, reducing the time that is needed in claims process and settlement” – Head of Property & Casualty for Hong Kong and Taiwan at Swiss Re, David Alexander.