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Why parametric insurance lends itself to smart contracts

30 October 2017

Hogan Lovells Engage

Unlike traditional insurance products, parametric insurance does not typically pay claims based on actual losses incurred by the insured. Rather, it pays a preset, actuarially determined amount upon occurrence of the triggering event.

Smart insurance contracts could dramatically lower insurers’ administrative costs, with at least a portion of that saving potentially passed on to consumers in the form of lower premiums.

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