The Committee recommends that insurers explore offering innovative insurance products that have the potential to improve the operation of the insurance market, including:
- More flexible insurance products for small business, including:
- partial coverage for small businesses in high-risk areas; and
- cashflow assistance or other temporary benefits that might help a small business survive the immediate aftermath of a natural disaster.
- Parametric insurance, particularly in high-risk areas and/or for consumers facing affordability stress.
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Recommendation 84
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