Context:
Bajaj Allianz General Insurance has introduced ‘ClimateSafe’, a first-of-its-kind parametric insurance product in India, offering swift financial relief against climate-induced risks using predefined weather triggers.
Key Highlights
- Target Customers: Retail workers, gig economy workers, drivers, shop owners, residents, and event attendees.
- Covered Risks: Extreme heat, cold waves, and excessive rainfall.
- Claims Process: Automatic settlement within 7 days, no customer intimation needed.
- Flexibility:
- Risk location and duration (1–30 days) selectable by customer
- Dynamic premiums based on real-time weather data
- Multiple purchases allowed in a year
Impact
- Addresses income disruptions and expenses due to climate volatility
- Enhances financial resilience for vulnerable and informal sector workers
- Promotes tech-led climate risk insurance adoption in India
‘ClimateSafe’ redefines insurance accessibility in a warming world—offering affordable, tech-enabled climate resilience to I
