This innovative solution is designed to automatically pay out pre-agreed amounts for incidental expenses without the need to submit a claim if a Category 3 or above hurricane occurs within a certain distance of the Cayman Islands.
Homeowners will receive payments within three weeks of a qualifying hurricane to cover expenses not typically covered by standard insurance, such as additional groceries, securing premises, and cleanup efforts after the storm. This assistance is provided regardless of whether the home sustains any damage.
Michael Gayle, CEO of CINICO, expressed enthusiasm about the new offering: “We are thrilled to offer home insurance and include Parametric coverage as a standard feature for new policies. Outside of the Cayman Islands, Parametric Insurance cover is sometimes available to home insurance policy owners at an additional cost. However, this benefit will be included for the first time in Cayman as a standard feature of CINICO’s home insurance policies.”
CINICO’s Parametric Coverage is available not only to their home insurance policyholders but also as a stand-alone policy for homeowners who have insurance policies with other providers. This coverage can be used to offset the impact of policy deductibles following a hurricane.
Gayle, who serves on the Board of the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), highlighted the broader benefits of Parametric Insurance, noting that the association is set to pay out more than $80 million to countries affected by the recent Hurricane Beryl, all within a fortnight of the event.
“CINICO is raising the bar in the insurance industry and fulfilling our promise to bring innovation to the insurance industry. Providing Cayman Islands’ homeowners with reliable and timely support, especially in the face of hurricanes, helps achieve that goal. By including Parametric Insurance coverage as a standard feature, CINICO ensures that homeowners have access to swift, reliable support when they need it most,” Gayle added.
The introduction of CINICO’s new home insurance policy with Parametric Insurance coverage follows the launch of their new motor insurance product in March 2024. These offerings are part of the company’s broader expansion plan to ensure that Cayman Islands’ homeowners and residents have access to sufficient insurance capacity and coverage in an increasingly vulnerable insurance market.
