First parametric tornado insurance product launched in the USA

In partnership with Sola Technologies and Spinnaker Insurance Company, Beazley has launched the first parametric tornado insurance product in the USA.

Called "Tornado Crisis", the solution uses data from the National Weather Service (NWS) to automatically trigger a rapid claims process in the event of a loss.

Owners or tenants can now receive compensation of up to 15 000 USD, to cover deductible and immediate expenses.

The new policy is currently available in 15 states in the Midwest and Southeast. It will soon be rolled out in other US states.