Fast new solution for cyclone prone communities

With cyclone season upon us, one woman has set about to create a faster insurance solution for her fellow Northern Australians.

From today, communities will be able to cover themselves for economic loss caused by severe tropical cyclone (category 3+), with an innovative parametric insurance product provided by Redicova (pronounced "ready cover") and backed by Lloyd’s.

Developed by Karen Hardy, a Northern Australian with more than 20 years in the insurance industry. Redicova provides fast disaster recovery cash when it is needed most, immediately after a severe tropical cyclone, and before traditional insurers start paying out claims.

“I have experienced the socioeconomic impact of severe tropical cyclones on community. The time between event and traditional claim settlement can be months or sometimes years, these delays erode community resilience and dignity. Redicova will help bridge the financial gap between community needs and existing support services,” shared Ms Hardy

It’s a new take on parametric insurance and has been designed for all people living in Northern Australia, including farmers, businesses and individuals.

Redicova claims will be paid within days and funds can be used for any extraordinary costs incurred by policyholders relating to a severe tropical cyclone event.

Based on Australian Bureau of Meteorology (BoM) data, Redicova claims are paid using the latitude and longitude of your insured situation. Redicova will notify policyholders electronically when they are eligible to claim. There is no paperwork, no assessment and no waiting.

“Redicova provides immediate financial relief post event to enable citizens to ‘get on with life,” says Chris Mackinnon, General Representative Lloyd’s Australia Limited.

Supported by the Disaster Risk Facility (DRF) at Lloyd’s, an initiative designed to help economies, developing or otherwise, close the protection gap through building resilience against natural catastrophes. Lloyd’s broker Tysers, has garnered support from DRF syndicate members Beazley, AXA XL, Hiscox and RenaissanceRe, together with INIGO, Agora and Hannover Re for this bold retail initiative.

Our expert panel of service providers include: DXC Technology (Australia), Jeremy Benn Pacific, Finity Consulting, DAIS Identity & Ideas, Niche Studio, Moody’s, Radford Lawyers, Tysers and Vitesse PSP.

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Further information visit www.redicova.com.au or contact: Karen Hardy M 0407 688 504 P 1300 733 426 E karen@redicova.com.au

Caption: Karen Hardy launches a new approach to cyclone insurance.