Baloise introduces parametric insurance policies, covering bad weather, delayed baggage and flight delays

Baloise is launching three optional, parametric types of holiday insurance cover. The insurance technology Parasurance, which won the second prize at the Swiss Insurance Innovation Awards 2023, provides automatic compensation for customers if certain predefined parameters are exceeded – all without the customer having to contact Baloise.

Source: MarketScreener

Baloise is integrating three parametric types of cover into its holiday insurance, which can be taken out for trips lasting from two to 92 days. These new insurance modules – offering cover for bad weather, delayed flights or delayed baggage – supplement the company’s existing holiday insurance that covers cancellation costs, lost baggage and hire car insurance. Baloise is offering the new types of cover in partnership with KASKO, the start-up Wetterheld and InsurTech Blink Parametric.

A key advantage of parametric insurance is that the insured person does not need to actively report a claim. Instead, Baloise automatically contacts the customer as soon as the parameters set out in the terms and conditions of insurance are exceeded. The customer can then confirm the claim, which triggers payment of the compensation. “This is a paradigm shift in the claims settlement process because it is not linked to the reporting of a claim by the policyholder,” explains Yannick Hasler, Head of Private Clients and member of the Executive Committee of Baloise in Switzerland.

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