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Parametric triggers, coupled with increasingly granular data and technology, can “expand the limits of insurability” according to Swiss Re, especially when it comes to non-physical damage business interruption (NDBI).
Innovation continues to deliver on new ways to mitigate risks, Swiss Re said in a recent report.
These innovations are enabling better management of risk, greater ability to transfer those risks, and even in some cases making the previously uninsurable insurable.
For global insurance and reinsurance players, investments in initiatives that can help to unlock new risk categories and classes of business are seen as key strategic priorities right now.