Kansas City, MO (Dec. 12, 2024) \u2013 Lockton, the world\u2019s largest independent insurance brokerage and people solutions consulting group, has announced the launch of its new Global Parametric Insurance Practice. This initiative brings together a team of experts, including data scientists and modelers, dedicated to developing efficient, customized parametric solutions to help clients protect against risks that traditional insurance often overlooks.<\/p>\n
\u201cOver the past three years, Lockton has invested significantly in parametric expertise and resources across the U.S., Latin America, Europe, and Singapore,\u201d said Diego Monsalve, Latin America and Caribbean Head of Risk Practices and International Head of Parametric Solutions. \u201cThis global team is uniquely positioned to address our clients\u2019 risk management challenges through innovation, delivering the high-caliber solutions they\u2019ve come to expect from Lockton. We are excited to support our clients as we move forward with this initiative.\u201d<\/p>\n
As natural disasters such as hurricanes and wildfires increase in frequency and severity, and as new risks arise, including cyber threats and supply chain disruptions, the need for supplementary insurance solutions is growing. The parametric insurance market is projected to reach $39.3 billion by 2032, according to Global Market Insights, underscoring the demand for alternative solutions to cover gaps in conventional commercial property insurance.<\/p>\n
\u201cParametric insurance solutions offer significant benefits that can help meet the needs of businesses seeking a more efficient and cost-effective approach to uncertainty,\u201d added Peter Rapciewicz, Executive Vice President and Practice Leader of Alternative Risk Solutions and U.S. Head of Parametric Solutions. \u201cLockton\u2019s investment in a Global Parametric Insurance Practice underscores our commitment to delivering resilient solutions that not only provide financial protection but also empower businesses to continue operations seamlessly despite challenges.\u201d<\/p>\n
Parametric insurance policies provide payouts based on specific event triggers, such as storm magnitude, rainfall levels, or earthquake intensity in a defined location, which may not necessarily sustain physical damage. These policies offer clear transparency and quick payouts, often processed within days of an event, potentially enabling businesses to resume operations with reduced disruption.<\/p>\n
Lockton\u2019s Parametric Insurance Practice, with expertise across multiple regions, will guide businesses through comprehensive risk assessments, leveraging data scientists and advanced analytics to identify triggers that can address potential losses. This tailored approach provides a valuable complement to traditional insurance policies, filling coverage gaps with a cost-effective solution where it\u2019s most needed.<\/p>\n
What makes Lockton stand apart is also what makes us better: independence. Lockton\u2019s private ownership empowers its 12,600+ Associates doing business in over 140 countries to focus solely on clients\u2019 risk, insurance and people needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. Learn more at global.lockton.com<\/a>.<\/p>\n Source: Lockton<\/i><\/p>\n Tags: launch<\/a>, Lockton<\/a>, parametric insurance<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":" Lockton\u2019s Global Parametric Insurance Practice is set to help businesses adopt cost-effective alternative risk solutions, addressing the widening gap between insured and uninsured losses Kansas City, MO (Dec. 12, 2024) \u2013 Lockton, the world\u2019s...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22935"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22935"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22935\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}