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Risk in Context Podcast: Expanding parametric coverage options help supplement traditional insurance

Listen to industry experts discuss how advanced analytics, innovative insurance solutions, and more are critical to build resilience to climate-related risks.

10/28/2025 · 2 minute read

Parametric insurance is rapidly becoming a critical risk financing tool, generally providing transparent, data-driven coverage with defined triggers that enable faster, more certain payouts compared to traditional indemnity insurance.

Advances in data science and modeling have fueled rapid growth in the market, leading to an expansion in the range of perils that can be covered, including climate-related risks and operational challenges.

As the market continues to mature, integrating parametrics into captive insurance programs presents opportunities for tailored, flexible risk financing aligned with an organization’s unique needs.

In this episode of Risk in Context, Steve Harry, who leads Marsh’s parametric insurance team in the UK, and Hannah Bassett, a parametric broker in Marsh's UK team, discuss the role of parametric insurance and share practical parametric applications that can help organizations better prepare for and respond to known and emerging risks.

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Key takeaways

Parametric insurance helps enhance liquidity

Because parametric insurance uses clear, predefined triggers, it is typically able to make payouts faster than traditional indemnity insurance, enabling organizations to receive funds quickly when they need them most and improving financial resilience during crises.

Coverage expanding to climate-related risks

Parametric solutions are increasingly being used to address seasonal and climate-driven weather risks, such as extreme heat and drought, helping sectors like agriculture, energy, and construction manage emerging exposures.

Protection against complex operational disruptions

Parametric solutions can help mitigate complex non-damage business interruption risks, including the impacts of supply chain disruptions, through data-driven indices tailored to specific geographic and operational exposures.

About our speakers

Steve Harry

Steve Harry

Managing Director, Marsh Parametric Solutions

  • United Kingdom

Steve Harry is a managing director within Marsh’s Global Alternative Risk Solutions Practice. Based in the UK, he advises clients on insurance program design and the insurability of a broad range of risks, including non-standard risk transfer structures such as multi-line, structured programs, parametric insurance, and legacy risks. He also leads Marsh’s Global Parametric Solutions Centre of Excellence for the UK and Ireland and manages the delivery of risk finance optimization projects.

Hannah Bassett

Hannah Bassett

Parametric broker, Marsh UK

  • United Kingdom

Hannah Bassett is a parametric broker within Marsh’s Alternative Risk Solutions team, based in London. Before joining Marsh, she focused on facultative reinsurance across EMEA. Earlier in her career, she held technical and broking roles in property and casualty and claims at London market intermediaries.

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