Parametric player Yokahu agrees Caribbean broking partnerships

Caribbean parametric specialist Yokahu, an appointed representative of ES Risks, has agreed strategic partnerships with four insurance brokers based in the region.

The brokers are BCMG Insurance Brokers in Jamaica; Colina General Insurance Agents and Brokers in The Bahamas; W J M Holdings in Saint Lucia; and Caribbean Risk Group in the US Virgin Islands.

Yokahu is an insurtech using parametric underwriting and data visualisation to provide hurricane/ tropical cyclone protection.

It claims that pay-outs can be made within 24 hours without policyholders needing to lodge a claim or deal with loss adjusters in the event of a major storm.

By working with four of the leading insurance brokers in the region, Yokahu said it is ensuring effective 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 start of the Atlantic hurricane season on 1 June.

Tim McCosh, CEO and Founder of Yokahu, said: “Uptake of hurricane insurance in the Caribbean is low and yet these communities 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.”

Ian Miller, chief technical director at BCMG Insurance Brokers, added: “In 2021 alone, seven hurricanes of which four were major, swept through the Atlantic. Evidence is suggesting that hurricanes are becoming more powerful and more widespread; for those most vulnerable communities, insurance against such impacts is vital – particularly as the Caribbean is disproportionately impacted by hurricanes.”

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