Aviva Canada is piloting parametric coverage

Aviva Canada is launching a one-year pilot to test out a parametric rainfall coverage.

The new offering, powered by CelsiusPro, will provide coverage to insureds in the event of excess rain. The rainfall product includes two options: “Rain Season,” which covers against an excess in cumulative rainfall during the risk period, and “Rain Day,” which covers against excess rain days during the risk period.

Aviva Canada will initially offer the coverage to clients in areas such as construction and landscaping.

“It was important for Aviva to have a tool that was clear, simple, and efficient to use for our broker partners so that they could deliver effectively and concisely a product that was easily digestible and comprehensible to our collective clients.” – Urs Uhlmann, managing director of Global Corporate & Specialties Aviva Canada.

“We are pleased to have successfully completed the configuration and launch of the WLP for excess rainfall insurance for Aviva Canada. We believe these insurance products will prove invaluable for businesses with excess rainfall risk across Canada.” – CelsiusPro CEO Mark Rueegg.