Guy Carpenter is launching a new parametric flood re/insurance mechanism that provides customised flood coverage based on hazard footprints obtained in near real-time.
According to Guy Carpenter, GC FloodShield boasts a broad application available to insurers, reinsurers, corporations and public entities globally.
As mentioned, GC FloodShield is also customisable, reportedly offering a range of coverage triggers to fit within a wide array of budgetary situations.
Among other benefits, recoveries can be applied to holistic event economic losses, and payments are said to be available within weeks, not months or years.
Guillermo Franco, Managing Director & Global Head of Cat Risk Research at Guy Carpenter, said, “We are rolling out GC FloodShield(SM), a new mechanism for parametric flood (re)insurance, geared towards the risk transfer of large portfolios distributed across vast regions. Thank you to our colleagues at Guy Carpenter and our collaborators at Floodbase, KatRisk, and ICEYE.”
