Insuterch Floodbase and Oneglobal, a commercial re/insurance broker, have announced plans to develop and distribute parametric flood insurance solutions across Asia.
The two companies are partnering to close the flood insurance gap with what they describe as cutting-edge parametric flood insurance solutions.
Connected through Lloyd’s Lab, the pair recognized the opportunity to collaborate using Floodbase’s historical and near real-time flood data with Oneglobal’s insurance and reinsurance expertise, prominent market presence, and reputation for innovation.
The partnership will enable Oneglobal to have a first-mover advantage to leverage Floodbase’s flood data and technology, and together they will build programs that offer innovative solutions to natural catastrophe risk exposures impacted by floods across Asia.
Paul Daly, Head of Business Development at Floodbase, commented: “There is a huge – and growing – flood protection gap in Asia. We are focused 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.”
Earlier this year, Floodbase partnered with Ag Guard to develop and distribute parametric flood insurance programs across Australia and New Zealand.
The company has also partnered with the African Risk Capacity Limited to address the region’s flood insurance gap.
