Chaucer to enter weather insurance market with parametric BI
Chaucer has revealed plans to enter the weather insurance market, starting with a parametric product to cover non-damage business interruption.
A spokesperson for the insurer, which has partnered with a US-based team and will provide all underwriting capacity to the new venture, confirmed the product will be available in the UK.
The firm said the policy will provide cover for weather events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation.
The new specialist team is led by Ed Byrns, who previously held leadership roles at Citadel and Louis Dreyfus. He has also been chief technology
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