Frequent and intense climate-related disasters, such as the recent Hurricane Beryl, underscore the need for innovative solutions like parametric insurance in Commonwealth countries. This type of insurance provides immediate financial relief through predetermined pay-outs based on specific triggers, making it essential for rapid disaster recovery. The approach is particularly beneficial for vulnerable small island developing states, aiding them in managing climate risks without lengthy claims processes. Experts advocate that such insurance should be integrated into broader resilience strategies to protect communities from the escalating impacts of climate change.
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