Willis executes “Dynamic Cat-in-Circle” parametric policy for Caribbean coral reef

Willis, a business of insurance and reinsurance broker WTW, and the Caribbean Biodiversity Fund (CBF) have launched a market-first “Dynamic Cat-in-Circle” parametric insurance policy to protect Caribbean coral reefs. As mentioned, the parametric policy introduces a “Dynamic Cat-in-Circle” structure that considerably reduces “near miss” hurricane events present in traditional Cat-in-Circle policies. Kaniescka Yogeswaran, Manager, Alternative Risk Transfer Solutions, Willis, commented: “Helping to design the first ‘Dynamic Cat-in-Circle’ parametric policy for coral reefs in the Caribbean has been a rewarding challenge. Karen McDonald Gayle, CEO of the Caribbean Biodiversity Fund, said: “The Caribbean Biodiversity Fund is thrilled to pilot this world-first coral reef insurance policy. Importantly, Willis and CBF also explained that this parametric policy aims to ensure that funding reaches its intended destination promptly.