JLT and Munich Re have joined forces to offer a unique parametric insurance solution for typhoons in the Philippines.

One Storm Philippines protects businesses from the tropical storms that strike the country up to 20 times a year, often causing devastating losses.

Unlike traditional insurance products, which cover a policyholder’s actual losses, parametric cover pays out in response to pre-defined triggers, simplifying the claims process.

“We have a strong focus on providing innovations to the market and we are extremely proud to have partnered with Munich Re, working effortlessly together to provide our customers with a unique product that not only protects their assets, but also changes the way insurance is viewed,” JLT Philippines CEO Raul Tan said.

The companies say the product will enable clients to cover previously uninsurable risks.