7th June 2022 - Author: Jack Willard
Climate adaption technology company, Cloud to Street (C2S), has announced a partnership with Munich Re Group and parametric insurance platform, Raincoat, to roll out an at-scale parametric insurance program.
Powered by C2S’ industry-leading flood intelligence, the parties say the collaboration marks the first major success of a flood parametric program created for climate adaption and is intended to eliminate a persistent global coverage gap.
C2S notes that this is the first country-level flood parametric program with local payouts, and will provide coverage to smallholder farmers in Colombia and protect them against financial losses from flood disasters.
Under the new program in Colombia, insured farmers will receive loan relief based on the magnitude of floods that hinder their abilities to grow their crops and bring them to market.
Moreover, parametric insurance allows for previously uninsurable risks to be covered, and frictionless claims payments, largely due to the fact that they do not require physical inspection of damages by an adjuster to trigger a payout.
As a country-wide parametric flood program, farmers who are even located in the most remote parts of Colombia will now receive immediate financial relief following a flood disaster.
In addition, C2S’ ground-breaking technology combines several flood data streams, which includes optical and radar satellites and historical flood maps, with machine learning to deliver vital and actionable intelligence about the extent and impact of ongoing flood events.
The flood intelligence company also provides insurers and disaster risk holders with previously inaccessible data to insure new markets, respond to emergencies, and plan for future flood risk.
Peter Lacovara, parametric insurance expert and Head of Commercial at C2S, commented: “Global flooding threatens billions of people and remains the most common and costly natural peril. Worsening climate change underscores the need to prioritize climate adaptation and financial solutions to support those affected by natural disasters.
“We couldn’t be prouder to help make insurance protection available to tens of thousands of Colombian farmers for the first time, and we’re poised to assist in building similar parametric flood insurance programs worldwide.”
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