Hurricane Insurance: Fact Sheet

Without proper hurricane insurance, business and public entities are at risk from rising hurricane exposure 

As the world is struck by an average of 84 named tropical cyclones every year, the need for hurricane insurance providing adequate coverage for corporates and public entities continues to grow. Hurricanes are thecostliest type of natural catastrophe in the US, where weather-related disasters have been estimated at around 363 billion dollars since 1980.  

With destructive hurricanes causing enormous property loss in the US, especially since 2017, the insurance market has significantly hardened. The rising sum of insured losses around the world is putting increased pressure on traditional insurers – the prices have soared while the capacities have plunged and become limited. This hard market poses significant challenges for corporate and public sector clients, heightening their vulnerability in the wake of more frequent and increasingly intense hurricane events.

In order to address the limits of traditional insurance, Descartes Underwriting offers a new paradigm of parametric hurricane insurance. We build policies based on client-specific hurricane risk exposure and needs, respecting our clients’ budgets, and making swift pay-outs once the pre-agreed threshold is reached or exceeded regardless of the actual material damage. As a result, our parametric insurance solution can cover both property damage and non-damage business interruptions and help clients bounce back rapidly from hurricane events. 

Descartes’ parametric insurance offers bespoke, transparent protection against hurricane risks

In cooperation with your insurance broker, Descartes Underwriting’s parametric hurricane insurance provides businesses and public entities with full protection against this growing risk. Leveraging near real-time data to monitor the track and wind speed of cyclones, our parametric insurance offers transparent and bespoke solutions to build resilience. 

Check out our Hurricane Insurance Fact Sheet and learn more about Descartes’ parametric offering.