in November 2021, Lloyd's backed Redicova implemented a parametric cover that utilises a payout per unit of cover with discreet units redeemable for $1,000 in the event of a loss. If a property is directly in the path of a cyclone, the payout is $1,000, while an affected property within a 5km buffer zone would see a payout of $300 per unit purchased. This allows rapid payout with no assessment of loss.
