The Asia Pacific region has become a hot spot for climate disasters. In March this year alone, Ex-Tropical Cyclone Alfred caused widespread flooding in parts of Queensland and NSW, a powerful 7.7 magnitude earthquake struck central Myanmar and South Korea experienced its largest and most destructive wildfires on record.

As the region braces for another severe natural catastrophe season, the insurance industry faces mounting pressure to deliver faster, fairer and more resilient protection models.

Governments and insurers are looking beyond traditional indemnity cover towards parametric insurance – a data-triggered model that can deliver instant relief after disasters.

But while momentum is growing, industry-wide adoption of parametric solutions remains uneven, slowed by challenges around data accuracy and market understanding.

How is parametric insurance evolving in the face of mounting climate disasters and what are the key barriers to adoption?

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