Insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, has partnered with commercial insurance and reinsurance broking group Oneglobal to develop parametric flood insurance solutions for the Asian region.
The partnership will see the two firms working together to develop and distribute parametric flood insurance solutions across Asia, using Floodbase data and reporting to structure the arrangements and for their triggers.
The companies hope to “close the flood insurance gap with cutting-edge parametric flood insurance solutions,” having been connected during Floodbase’s time as a participant in the Lloyd’s Lab.
The pair recognised a chance to deliver improved parametric flood products, by combining Floodbase’s historical and near real-time flood data and expertise in parametrics, with Oneglobal’s insurance and reinsurance expertise, market presence and footprint.
Oneglobal will benefit by having a first mover advantage, able to leverage Floodbase’s flood data and technology to expand into parametric broking across Asia.
“There is a huge – and growing – flood protection gap in Asia. We are focussed on delivering customized parametric flood insurance solutions across multiple countries to enable reliable risk transfer for a massive region that desperately needs relief.
“Our partnership forms a key part of our 2024 growth strategy, and we look forward to sharing more detail next year”, explained Paul Daly, Head of Business Development at Floodbase.
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