Floodbase, a climate adaptation technology company that provides flood risk analysis, has announced its rebranding and also launched a new feature that enables insurers to add flood protection to existing wind parametric policies.
Formerly Cloud to Street, Floodbase says its new solution aims to provide additional protection against stronger, slower and wetter hurricanes.
The rebrand and feature launch coincide with Floodbase’s Series A funding round totalling $12 million, which was led by Lowercarbon Capital with participation from Collaborative Fund, Floating Point and Vidavo.
“The world needs innovative financial and insurance tools if we are to have any hope of adapting to climate change. We are proud to be the leading calculation agent for parametric flood insurance, and now add flood protection to expand the coverage of parametric hurricane policies as well,” said Bessie Schwarz, CEO and Co-Founder of Floodbase.
“This technology will enable the expansion of flood insurance to every corner of the globe, and bridge a protection gap that cannot be closed without parametric insurance. It is an exciting milestone for our company that we are proud to mark with a new brand and successful Series A funding round.”
“Floodbase recognizes the need to accurately measure and insure against the flood element in existing parametric hurricane insurance policies, which currently cover just wind,” added Peter Lacovara, Parametric Insurance Expert and Head of Commercial at Floodbase. “Layering Floodbase onto existing parametric hurricane policies will protect policyholders against the impacts of devastating flooding that typically causes the most damage during hurricane events.”
Founded in 2021, Floodbase integrates satellite observations of Earth with hydrological data and decades of historical flood information to measure and monitor global flood risk in near real-time.
