Parachute Insurance

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City: Chicago

State: Illinois

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Country: United States

Parachute Insurance is developing parametric insurance solutions to better manage weather risks and empower customers to cope with climate change. Our solutions are affordable, transparent and pay out quickly in case of extreme weather events. The solution leverages meteorological data to model the risk and define payment amount and parametric triggers – explicit conditions that once met automatically trigger coverage. Customers have the ability to set the amount and triggers to fit their specific financial needs. If an extreme weather occurs and the parameter passes a defined trigger, Parachute Insurance will immediately send the agreed payment amount to the customer, without the hassle to go through a lengthy loss adjustment process, and without any deductibles. The customer has immediate liquidity and the flexibility to use the cash for any economic losses resulting from the extreme weather event.

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