Lloyd's launches a parametric policy

LloydDue to the increased risk of business interruption in small and medium-sized enterprises (SMEs), Lloyd's has launched a new product called "Parametrix Insurance". The coverage relies on a parametric trigger to protect SMBs from IT disruptions or downtime.

The offer is led by Tokio Marine Kiln and supported by members of Lloyd's Product Innovation Facility. The parametric trigger automatically provides compensations if a customer’s critical IT services are disrupted. It can be applied on the Cloud, E-Commerce or other payment systems. Consequently, the policy reduces the time insurers spend assessing a loss or adjusting a claim.

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