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Lloyd’s-backed parametric cyclone cover launches

Northern Australia-based Redicova has introduced retail parametric insurance cover backed by Lloyd’s to provide rapid assistance payments after tropical cyclones.

The cover provides insurance protection for individuals and businesses for very destructive winds associated with severe cyclones of at least category three strength.

Redicova MD Karen Hardy says the parametric cover will provide faster payments compared with traditional insurance, ensuring support during a critical period. Insurance News covered the story.