Chris MacKinnon, Head of Lloyd’s Australia and New Zealand, met Karen Hardy from Redicova in Lloyd’s, after a 15,200km journey from North Queensland to London. On the Lloyd’s website, he explains how her concept for a parametric cyclone insurance product and sheer determination to make it happen impressed the market and found her the backing to turn it into reality.
“Karen’s idea was simple – brilliant ones often are. Parametric measurement of windspeeds means it’s possible to fix an agreed insurance pay out if windspeeds reach velocities that cause damage. That gives customers an immediate injection of cash after a cyclone, so they have emergency funds to start rebuilding their lives,” Chris said.