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Experts pitch parametric insurance, freeboard and community-based approaches as complements to traditional flood policies
Summary
At a Jan. 30 forum, parametric insurance specialists and state officials urged Connecticut lawmakers to consider new approaches — including parametric triggers, freeboard requirements and community-based catastrophe insurance — to speed payments and increase community resilience.
At the Jan. 30 Insurance and Real Estate Committee informational forum, experts described parametric insurance and community-based approaches that can deliver faster, more-flexible payments after flood events and can be layered with traditional insurance.
"Before I get into the parametric insurance, I wanted to comment on something that I've heard from several speakers before, and that is, how do you incentivize people to purchase coverage?" said Alex Korp, a parametric-insurance specialist. Korp described…
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