Comprehensive and rapid response to earthquakes
What is One Quake?
It is impossible to predict when the next seismic event will occur. Traditional insurance solutions often only provide financial relief following a lengthy claims settlement process, leaving companies and organisations with cash flow problems. Besides this, there are often significant gaps in coverage especially for costs associated with the event. One Quake by Munich Re closes these gaps with a tailor-made solution characterized by an unprecedented level of transparency and a very simple payout process.
What One Quake can do for your business
The new parametric trigger cover is specifically designed for seismic events. It is highly customizable and allows you to pre-define triggers and payout amounts up to US$ 10 million (or higher on request) per location or defined area.
Key advantages of One Quake
Parametric triggers ensure rapid recovery thanks to a simple and quick payout process that provides liquidity when you need it most. No physical damage is required.
With One Quake previously uninsurable costs arising from Earthquake can be covered – such as evacuation expenses, loss mitigation costs and other costs hard to insure traditionally. The product can cover insurance gaps you currently have in a cost-efficient manner.
Unprecedented level of transparency
Pre-agreed independent third parties provide the data needed to trigger the cover -- this information can be accessed immediately after an event.
Parametric products typically don’t have a deductible, so there is no financial commitment from your side once all triggers have been met.
Reduced claims-related expenses
The simplicity of the payout process substantially reduces administrative costs.
How One Quake works
In close cooperation with our experts from Facultative & Corporate (F&C), you can customize your preferred payout pattern, by choosing specific locations and parametric triggers to suit your individual exposures. Payout is triggered automatically when a specified intensity is exceeded at a certain location. To ensure immediate and sufficient liquidity following an event, payment is only adjusted later to match the actual loss amount.
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