Skip to content
Free updates Login
BankingNABARD / RBI

Bajaj Allianz ClimateSafe: India’s First Parametric Climate Cover

2 May 20251 min read
BANKING & FINANCEBajaj AllianzClimateSafe: India’sFirst ParametricClimate Cover2 May 2025safalsetu.com

Why in the news

Bajaj Allianz rolled out ClimateSafe, a quick-payout weather-linked policy.

Key facts

  • Buyers: retail and gig workers, drivers, shop owners, residents, event attendees.
  • Claims: automatic, within 7 days, no intimation needed.
  • Flexibility: dynamic premiums from real-time weather data; several purchases a year.

Significance

  • Eases income loss from climate volatility.
  • Builds resilience of informal-sector workers and promotes tech-led climate cover.

Exam angle

  • Cover type: parametric.
  • Insurer: Bajaj Allianz General Insurance.

Test yourself

1. ClimateSafe, launched in May 2025, is offered by which company?

The notes name Bajaj Allianz General Insurance as the launcher.

2. Within how many days are ClimateSafe claims settled automatically?

Claims are settled automatically within 7 days with no intimation required.

3. What type of insurance product is Bajaj Allianz's ClimateSafe?

It pays on predefined weather triggers, which makes it parametric insurance.

This topic is part of Daily Current Affairs 2 May 2025 (23 topics).

All topics of the dayDay quizMay 2025

Read more