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Global Parametrics says drought triggers released $400,000 across Pakistan

The company said payouts came through the Natural Disaster Fund, with $100,000 paid for Pakistan and $300,000 for Ethiopia after drought parameters were met.

Reported · Written up by our desk · Reinsurance

Global Parametrics said $400,000 in drought-related payouts was triggered through its Natural Disaster Fund to support communities affected by drought in Pakistan and Ethiopia.

According to the company, the payouts are part of a multi-country drought protection programme operated by international charity Tearfund, designed to release financing when predefined conditions are met so resources can be directed toward anticipatory measures ahead of expected impacts.

Global Parametrics added that the drought cover generated a $100,000 payout in Pakistan and a further $300,000 payout in Ethiopia after drought conditions met relevant parameters during the agricultural seasons.

The company said part of the premium costs was supported through a subsidy provided by Humanity Insured.

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