Pioneering Affordable Hurricane Insurance Launched In The Caribbean – St. Lucia Times News
Black Immigrant Daily News
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Hotel groups across the Caribbean are the focus of a new campaign launched by pioneering insurance and emergency catastrophe expenses provider Yokahu.
Yokahu is an insurtech using parametric underwriting and data visualisation to provide simple, affordable and transparent Hurricane/Tropical Cyclone protection for everyday people.
Yokahu has signed a distribution partnership with four leading regional brokers to close the protection gap for employees and increase resilience during the current hurricane season.
The policy kicks in after hurricanes of sufficient severity impact the insured location to bring significant disruption to the tourism sector that would likely see even undamaged hotels cut back on staffing levels, and it covers those employees who would otherwise lose income at the moment they need it most to support their families.
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In the event of wind speeds reaching over 74 miles per hour above an insured location, funds – currently up to US$10,000 per employee depending on the strength of the hurricane – are transferred directly to the employee’s bank account or digital wallet, usually within 24 hours.
The money can then be used immediately following the hurricane to cover emergency expenses such as buying food and water, repairing a home or securing a power supply.
Tim McCosh, CEO and Founder of Yokahu, said:
“When I co-founded Yokahu it was with a commitment to think differently about insurance, and to break down the barriers that have for too long prevented everyday people from accessing emergency funds in the wake of natural catastrophes. Our mission is to leave nothing off the table, and to consider all angles and options when it comes to closing the protection gap.
Uptake of hurricane insurance in the Caribbean is low and yet these communities and the hospitality sector are disproportionately at risk to the impacts of hurricanes.
Yokahu is aiming to increase access to hurricane protection for everyday people by providing affordable parametric-based policies.
This insurance policy is a benefit to employers and their employees, particularly seasonal staff, across the Caribbean.
Employers traditionally offer benefits, such as life and health insurance, and we feel that the same duty of care to help their staff return to work after a hurricane which, up until now, has not been available, will be seen in a positive light.
Premiums through Yokahu start at just US$5 per month, and when a hurricane affects thelocation, they automatically receive pre-agreed pay-outs when certain triggers are met.There is no claims process – and customers, therefore, receive funds immediately.”
Yokahu’s strategic partnerships with four key insurance brokers based in the Caribbean are:BCMG Insurance Brokers Limited in Jamaica; Colina General Insurance Agents and Brokersin The Bahamas; W J M Holdings Inc in Saint Lucia; and Caribbean Risk Group LLC in theUS Virgin Islands.
By working with four of the leading insurance brokers in the region, Yokahu is ensuringeffective distribution of this solution to the people who need it most – driving to close the protection gap further and improve the resilience of local families and businesses in the run-up to the hurricane season.
Source: Yokahu
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