Business Daily Insuring the uninsurable
7 snips
Mar 3, 2025 Explore the devastating impact of natural disasters on businesses, from California to Fiji and the UK. Hear personal stories of struggle with rising insurance premiums and companies denying coverage. Discover innovative solutions like parametric insurance, which promises quicker payouts based on specific conditions. The podcast highlights the urgent need for new approaches, especially in regions plagued by flooding, and discusses the potential of Islamic insurance to improve coverage in vulnerable communities.
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LA Wildfires: A Family's Loss
- Rita Maldonado's family lost their home in the Los Angeles wildfires.
- Dropped by their insurer, they couldn't afford a new policy, highlighting the insurance crisis.
The Growing Insurance Crisis
- Natural disaster costs for insurers have exceeded $100 billion for five years.
- Climate change is driving new and worsening perils, like severe convective storms, increasing insurance losses, says Dave Jones.
Parametric Insurance in Fiji
- Seriana Tawaii, a farmer in Fiji, lost her crops repeatedly to floods.
- Parametric insurance provided quick payouts, helping her manage immediate expenses after these climate events.