How do you protect earthquake vulnerable communities when trust in insurance is low – and payouts have historically taken a long time to arrive in some instances?
In Mexico, millions of households remain exposed to earthquake risk, with low insurance uptake and slow claims processes leaving families financially vulnerable after disasters.
What if protection could be faster, simpler, and more transparent?
In the series dedicated to share knowledge about parametric solutions, a new case study published by the Insurance Development Forum Risk Modelling Steering Group (RMSG) explores how Super Seguros developed a digitally distributed parametric insurance solution, using a modelled intensity trigger to enable rapid payouts directly to homeowners via smartphones. Its key characteristics are:
- Simple to understand product designed to rebuild trust in insurance
- Faster access to funds after an earthquake
- Transparent, data-driven triggers
The product demonstrates how innovation in parametric insurance can be achieved while retaining the critical “easy to understand” feature that contributes to engaging the target group.
Delivering innovation that helps close protection gaps, and strengthen resilience at household level, to help build Future Ready Nations
