Adverse weather conditions such as heavy rainfall can cause revenue losses but there may be an insurance solution in non-damage BI

Adverse weather conditions such as heavy rainfall can cause revenue losses but there may be an insurance solution in non-damage BI

 

Tradition insurance products do not always respond to business interruption and revenue loss caused by adverse weather but a non-damage BI solution may provide the answer.

In a video interview, Claire Wilkinson, lead partner, strategic risk consulting at Willis, says: If it is too dry then crops do not grow and if it is too wet then construction projects are delayed. It is not the physical damage but the business interruption and the additional costs that [Willis] is trying to manage.

“Tradition insurance products do not really respond unless there has been some physical damage on assets of the business. What [Willis] is doing is non-damage BI – allowing companies to transfer the revenue impact as opposed to the impact of adverse weather.”

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