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Willis (WTW) launches UK/Ireland parametric storm insurance, paying out automatically on red weather warnings.
Willis, a unit of WTW, has launched a parametric insurance policy in the UK and Ireland that automatically pays out when the UK Met Office or Met Éireann issues a red weather warning for severe conditions like high winds or storms.
Unlike traditional insurance, it triggers payouts based on forecasts, not actual damage, helping businesses cover costs from pre-emptive actions like event cancellations or facility closures.
Designed with Swiss Re Corporate Solutions, the policy offers fast, transparent claims and is aimed at sectors such as hospitality facing climate-related disruptions.
The launch follows increased extreme weather events, including Storm Éowyn in January 2025, and reflects a growing trend toward innovative risk solutions in Europe.
Willis (WTW) lanza un seguro paramétrico contra tormentas en el Reino Unido e Irlanda, pagando automáticamente en las advertencias meteorológicas rojas.