Proactive Resilience: Aon Delivers Tailored Parametric Solution for Puerto Rico’s Disaster Recovery
Monday, July 10th, 2023 CatastropheAon, a prominent global professional services firm, has successfully completed a ‘historic’ parametric insurance program for the Government of Puerto Rico.
This initiative aims to assist the island in reducing its insurance obligation to the U.S. Federal Emergency Management Agency (FEMA), providing diversified insurance protection against hurricane and earthquake perils.
Representing the largest government-sponsored parametric transaction for Puerto Rico, this innovative program not only bolsters the island’s response to catastrophe events but also becomes the inaugural parametric insurance protection mechanism employed to reduce FEMA’s Obtain & Maintain (O&M) requirement.
By implementing an onshore and offshore parametric program, Puerto Rico gains access to swift liquidity to support recovery and reconstruction efforts.
