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What Extreme Weather Events Are Doing to Global Insurance Markets
Odd Lots
Parametrics - The Triggers for the Payouts
The triggers for the payouts on parametric insurance products can be complicated. Tokyo Disneyland bought a catastrophe bond back in the late 90s. The people who structured the deal drew three circles around the center of Tokyo Disneyland. If an earthquake occurred within those three concentric circles that worked out from Disneyland, you'd get a different payout depending on which circle it fell in. There's some really sophisticated insurance buyers out there now who buy parametric cover as well.
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