Introduction

Parametric insurance pays predetermined amounts when specific events occur (earthquake magnitude exceeds threshold) rather than requiring claim assessment. IoT sensors enabling real-time event verification accelerate payouts improving disaster response.

Sensor Integration and Technology

Seismic sensors measuring earthquake intensity, weather stations measuring rainfall/wind, and other IoT devices provide objective event verification.

Benefits and Impact

Automated payouts without claim assessment reduce processing time from weeks to hours, enabling immediate disaster response and business continuity.

Conclusion

IoT-enabled parametric insurance improves disaster resilience through rapid payouts.