The Cayman Islands Nationwide Insurance coverage Firm (CINICO) has introduced it’s now providing house insurance coverage coverage with Parametric Protection.
This parametric resolution was created to pay out pre-agreed quantities routinely to cowl incidental bills, with out the necessity to submit a declare within the occasion of a hurricane of a Class 3 or above, which passes inside a specified distance from the Cayman Islands.
Inside 14-21 days of the passage of a hurricane, owners would be capable of obtain a cost to assist with bills not usually coated by insurance coverage, CINICO defined.
Whether or not the house is broken or not, house insurance coverage coverage holders would obtain assist for extra groceries, securing the premises, and cleanup bills after the passage of the storm.
CINICO’s CEO, Michael Gayle mentioned: “We’re thrilled to supply house insurance coverage and embrace Parametric protection as an ordinary function for brand new insurance policies.
“Outdoors of the Cayman Islands, Parametric Insurance coverage cowl is usually out there to house insurance coverage coverage homeowners at an extra price. Nevertheless, this profit will likely be included for the primary time in Cayman as an ordinary function of CINICO’s house insurance coverage insurance policies.”
In accordance with the announcement, CINICO’s Parametric protection shouldn’t be just for house insurance coverage coverage holders, as it’s also out there as a separate stand-alone coverage for owners who’ve house insurance coverage insurance policies whether or not insured with CINICO or not, and can be utilized to offset the influence of coverage deductibles.
Gayle is on the Board of the Caribbean Disaster Threat Insurance coverage Facility (CCRIF SPC) which supplies Parametric protection to many Caribbean and Central American governments which can pay out greater than US$80 million to nations affected by Hurricane Beryl, all inside 14 days after the passing of the hurricane.
“CINICO is elevating the bar within the insurance coverage trade, and fulfilling our promise to deliver innovation to the insurance coverage trade,” Gayle added.
He continued: “Offering Cayman Islands’ owners with dependable and well timed assist, particularly within the face of hurricanes, helps obtain that purpose. By together with Parametric Insurance coverage protection as an ordinary function, CINICO ensures that owners have entry to swift, dependable assist once they want it most.”
This owners insurance coverage enterprise is a part of CINICO’s mission because the government-owned insurance coverage firm to make sure a resilient insurance coverage sector.
Gayle said: “Reinsurance restrictions have imposed limits on the variety of insurance policies that we are able to concern for the stability of this yr, significantly within the face of a probably lively hurricane season.
“We count on our Parametric product to be a profitable addition to the insurance coverage market and anticipate having to hunt extra capability in 2025 to fulfill the demand. Innovation is vital to the resilience of the insurance coverage sector in Cayman and we are going to proceed to search for extra methods to enhance merchandise and advantages.”
CINICO’s new house insurance coverage coverage with Parametric Insurance coverage protection follows the launch of their new motor insurance coverage product in March 2024.
Each insurance coverage choices are a part of the corporate’s broader enlargement plan to make sure that Cayman Islands’ owners and residents have entry to enough insurance coverage capability and protection in an more and more weak insurance coverage market.
