AXA Climate, the parametric specialist risk transfer unit of global insurance and reinsurance company AXA, has launched Hail Protection, which reportedly is the first-ever parametric coverage designed to help businesses recover after hail storms.

AXA Climate, which was formerly called AXA Global Parametrics until a recent rebranding of the unit, developed the parametric hail insurance product in response to the increasing financial impact businesses are suffering from hail storms.

The company has launched a pilot program in Colorado, USA, where it said the demand for the new parametric product has exceeded its expectations.

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