Arch rolls out parametric event insurance product

Firm said to be the first to provide event cancellation cover on an agreed value basis

Arch rolls out parametric event insurance product


By Terry Gangcuangco

Arch Insurance International has rolled out a new specialist insurance product tailored for regional events across the UK and Europe for clients domiciled in Britain.  

Available through the insurer’s new quote and bind platform Arch IQ, the offering marks a significant development in event cancellation insurance by introducing coverage on an agreed value basis – a first in the industry. The parametric insurance solution guarantees expedited claims payments after a covered event is cancelled or postponed, up to the policy’s specified limits.

The coverage options are also highly customisable, featuring extensions for risks such as civil commotion, computer system failure, key person, national mourning, and terrorism to provide comprehensive event cancellation cover for the likes of conferences and exhibitions, fairs and fêtes, as well as music events and sports events.

Meanwhile the Arch IQ platform is designed to streamline the insurance process, allowing brokers to obtain quotes within 60 seconds and immediately bind coverage, for limits of indemnity up to £5 million without requiring referrals.

Timothy Rolph, contingency underwriter at Arch, will oversee both the product and the Arch IQ platform. His role is integral to ensuring that brokers receive timely support and access to expert advice for handling complex insurance needs.

Chris Rackliffe (pictured), head of contingency and accident & health at Arch, commented: “The launch of our regional event cancellation insurance via Arch IQ is an exciting milestone in our digital strategy to improve our service capabilities and deliver the speed and efficiency of online trading supported by dedicated underwriting expertise.

“Our aim is to provide quick and simple access to complex events coverage for insurance buyers who may have traditionally found it difficult to obtain this type of protection, and with our innovative agreed value option, insureds have the reassurance of a swift claims service.”

Rackliffe added: “We view the human aspect of digital trading as an essential part of meeting our brokers’ and clients’ needs. Timothy will be focussed on working with our brokers to develop our digital contingency solutions, including expanding the geographic reach of our products and adding event liability coverage to the Arch IQ platform.”

Arch’s new event insurance proposition is available either as a parametric insurance policy or as a traditional indemnity product.

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