Press Release: Aon, Floodbase, and Swiss Re Launch Parametric Storm Surge Solution

AON plc a leading global professional services firm, today announced the launch of a new parametric insurance solution designed to address and mitigate losses from hurricane-related storm surge along the coast of the U.S.

Throughout the 2024 hurricane season, Floodbase monitored the southeastern U.S. 24/7 enabling FEMA to rapidly establish critical situational awareness with near real-time flood data as major events unfolded.

To support the project, Floodbase provided BCG with a historical catalog of flood data dating back more than two decades covering all of sub-Saharan Africa - an area totaling more than eight million square miles (20+ million sq km).

New program will enable community-based flood insurance in southwest Virginia

Bloomberg: Many areas inundated by Hurricane Helene — and in the path of Milton — sit outside the zones where homeowners are required to buy flood insurance.

California municipalities are largely uninsured against flooding, despite atmospheric rivers costing the state more than $1B annually. A first-of-its-kind parametric flood insurance program leverages Floodbase’s advanced AI monitoring technology, providing comprehensive coverage to close the municipal flood protection gap.

The “Tees-to-Green” flood program leverages Floodbase’s advanced AI monitoring technology to provide comprehensive flood coverage for business interruption and damages to the golf course itself.

Floodbase has been awarded a grant through the U.S. Agency for International Development (USAID) to launch parametric flood insurance programs in Mozambique and Malawi, with support from African Risk Capacity Limited (ARC Ltd.) and Global Parametrics

Floodbase and Capella are announcing a strategic partnership to bring additional high-resolution synthetic aperture radar (SAR) satellite data to Floodbase’s end-to-end solution for parametric flood insurance. This partnership will expand Floodbase's payout trigger certification functionality for parametric insurance products by capturing the magnitude of flooding at high resolution and regardless of cloud cover.

Floodbase and Oneglobal are partnering to close the flood insurance gap with cutting-edge parametric flood insurance solutions.

Floodbase has announced a partnership with Ag Guard to develop and distribute parametric flood insurance programs across Australia and New Zealand.

Floodbase announces a partnership with African Risk Capacity Limited (ARC Ltd) to develop, distribute, and scale parametric flood insurance solutions across Africa.