Global Parametrics (part of CelsiusPro Group), has announced the development and planned pilot of Peru’s first parametric earthquake insurance product, specifically designed to help protect 17,000 low-income household members against earthquake risk in Lima, Peru.
The parametric product, which will be supported through the Natural Disaster Fund’s (NDF) Technical Assistance Facility (TAF) grant, will help safeguard livelihoods and mitigate the longer-term impact of earthquakes on employment and household incomes across Lima.
The pilot aims to protect 5,000 vulnerable policyholders, supporting approximately 17,000 household members, primarily based in low-income and progressive housing.
According to the announcement, this will lay the groundwork to scaling the product to up to 20,000 policyholders in its second year and for expansion beyond Lima.
FULL ORIGINAL PUBLICATION HERE