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Climate of Insurance: You can also get insurance for losses caused by weather; know how this insurance works

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Climate of Insurance: You can also get insurance for losses caused by weather; know how this insurance works
Climate of Insurance: You can also get insurance for losses caused by weather; know how this insurance works

Climatesafe insurance means insurance against losses caused by weather. Very few people know about it. Apart from common people, drivers, construction workers and retail shopkeepers often have to face the brunt of the weather.

This also hampers their earnings. Here we are telling you how you can get Climatesafe insurance and what kind of weather events come under its purview.

Climate change has now become our reality. From extreme heat to unseasonal rains, drought somewhere and flood somewhere, it has become a common thing now. We have to bear the loss of rapidly changing weather in today’s life. But, do you know that you can also insure the damage caused by the weather? Today we are going to tell you about such insurance.

What is ClimateSafe Insurance?

ClimateSafe Insurance is a parametric insurance that provides claims based on predetermined seasonal triggers (such as extreme heat, cold or heavy rain). This insurance is beneficial for those who are particularly vulnerable to climate risk. It includes delivery partners, drivers, domestic help, construction workers, retail shop owners and common citizens. This insurance is already available in many countries. In India, it has been started by Bajaj Allianz General Insurance.

How does this insurance work?

In ClimateSafe Insurance, predetermined thresholds are calculated using historical and current weather data. If weather conditions exceed these limits, the policyholder automatically receives their claim. There is no need to file a claim.

What risks does this insurance cover?

Ashish Agarwal, Head of Agri Business, Bajaj Allianz General Insurance, India, said that currently ClimateSafe Insurance covers losses caused by excessive rainfall, high temperature and low temperature. It provides financial assistance in situations where weather events affect daily income or lifestyle.

Understand the claim math with an example

Risk period: 15 days

Sum Assured: ₹500 per day (Total ₹7500)

Trigger: 42 degree Celsius maximum temperature

If the temperature remains 42 degrees or more for 5 days in the policy period, the claim amount will be ₹2500. If the temperature remains above 42 degrees on all 15 days, the full sum insured of ₹7500 will be paid.

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