Swiss Re has partnered with Arrowhead and Falls Lake to launch a parametric insurance solution dubbed para Assist within California . The insurance provides business interruption cover in the event of an earthquake , even if the customer 's vehicle suffers no damage . Payments are based on the insured 's distance from the quake 's source and its size , with a minimum rating of 4.0 on the Richter Scale .
Swiss Re has partnered with Arrowhead and Falls Lake to launch a parametric insurance solution dubbed Quake Assist within California. The product offers business interruption cover in the event of an earthquake, even if the customer's building suffers no damage. Payments are based on the insured's distance from the quake's epicentre and its size, with a minimum level of 4.0 on the Richter Scale.