Extreme weather events are becoming more common, and that's making insurance harder to afford - or in some places, impossible to get.

Even if you are covered, payouts and repairs can take months... or even years.

But what if you didn't have to wait at all? What if your insurer paid you automatically as soon as the cyclone reached a certain wind speed, or the floodwaters reached a certain height?

That sort of cover does exist - it's called parametric insurance. It's not common here in Australia but experts say it could help households and communities recover faster from catastrophic events.