Floodbase, Oneglobal to deploy parametric cover across Asia
Floodbase and London-based commercial insurance and reinsurance broker Oneglobal plan to develop and distribute parametric flood insurance solutions across Asia.
The pair connected after Floodbase was selected from more than 150 applications to join the latest Lloyd’s Lab cohort, and presented at Demo Day last week.
New York-based Floodbase also recently agreed to offer parametric flood insurance across Australia and New Zealand from early next year, in partnership with underwriting agency Ag Guard.
The Asia-Pacific region contributes 11% of Lloyd’s global premium, is home to nearly a third of the global population, and certain regions are particularly vulnerable to climate-related risks.
Floodbase says its historical data and near real-time flood monitoring makes it possible to cover against previously uninsurable economic loss from flood. Parametric options can help close the flood-insurance gap, says the insurtech, which monitors the risk globally for insurers and government agencies.
“The strategic partnership means Oneglobal will have a first mover advantage to utilise Floodbase's flood data and technology, and together they will build programs that offer innovative solutions to natural catastrophe risk exposures impacted by flood across Asia,” a statement said.