Parametric insurance will be one element of the insurance industry to come under the microscope in an evolution-themed Australian Insurance Law Association annual conference.

The niche insurance product doesn’t indemnify insurance, but pays an insurance claim after a trigger event occurs. It can be used to cover flight delays, natural disasters, and crop losses.

Typical triggers for insured agriculture are lack of rainfall over a specified time period, or storms with pre-determined wind speeds.

Swiss Re Claims Expert, Property and Casualty Business Management David North will give the presentation. 

The conference will take place from October 31 to November 2 in Perth.