The year 2020 was the most active Atlantic hurricane season ever on record. During this season, 30 hurricanes were named including six major hurricanes. Furthermore, as many as 12 storms occurred in the U.S. in which the strongest storm (hurricane Laura) in terms of wind speed caused landfall in Louisiana.
After an active hurricane season in the year 2020, one might hope that the year 2021 would be less active. However, it is not the case as the latest prediction stated that 2021 will also be another active year of hurricanes. Therefore, it is better for companies to be prepared for the unpredicted season by establishing a comprehensive risk assessment and response framework before the storm comes. Relying on an insurance payout is one of the response frameworks toward this risk.
AXA Climate provides parametric insurance and alerting services to tackle tropical cyclone risks for various industries including beach-front hotels, and energy infrastructure. The alerting service comes with a 24/7 natural hazards protection platform that will give a comprehensive vision of natural disasters, before, during, and after the event. Parametric insurance solution will cover non-damage business interruption and provide clients with faster payout that is crucial in times of disaster.