parametric insurance legislation

Bonjour, parametric insurance. Hawaii passed SB 799 (2024 | HI) supporting Parametric, or index-based, insurance solutions that settle claims on the characteristics of a disaster, as opposed to the loss sustained from the disaster.  Unlike traditional insurance, parametric solutions do not require lengthy loss adjustment processes, and they enable rapid disbursements of payouts to maximize liquidity and allow for flexibility in the use of the proceeds.