A Parametric Insurance Product has been launched in Dominica through the Climate Resilience Execution Agency – CREAD, which will allow households, small businesses and farmers to buy protection against the likely effects of future hurricanes. Economic Growth Lead for CREAD Brent Barnett says whereas other home insurance products pay out based on assessed damage to the property, this one pays out based on pre-determined events, that are measurable & observed continuously by the underwriter for the product. However, he says this is not a replacement for traditional insurance.He was speaking on the state-owned radio station, this week. Economic Growth Lead for CREAD, Brent Barnett This product is being offered in partnership with the Dominica Cooperative Societies league.General Manager of the League Phoenix Belfield says compared to the traditional insurance, the payout is made without the aftermath questions. General Manager of the DCSLL, Phoenix Belfield
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