Bajaj Allianz General Insurance has introduced ClimateSafe, a parametric insurance product to offer financial protection against the effects of climate change.
ClimateSafe aims to protect farmers, small business owners, and those who rely on daily transportation from the impacts of extreme weather. With this, the company will focus on individuals who are susceptible to extreme weather events.
ClimateSafe is a parametric insurance policy, which means that rather than being dependent on actual damage or loss, payouts are automatically triggered by predetermined weather conditions.
For example, if certain weather conditions are met, like heavy rain, intense heat, or cold waves, this product pays out automatically without requiring claims processing.
