Amwins and Floodbase have launched a municipal flood insurance program designed to insure California municipalities against previously uncovered losses due to atmospheric river flooding.
The flood program closes the insurance gap with policy payouts that automatically scale with the magnitude of atmospheric river flooding. The program offers access to capital that municipal governments can use to fund emergency response, offset lost tax revenue, establish residential rebuilding programs, or repair public infrastructure, according to the companies.
The companies say the program has already generated bound coverage from California public sector clients, which have replaced a portion of flood coverage with this new parametric product from Amwins and Floodbase.
Amwins is a wholesale distributor of specialty insurance products in the U.S. Based in Charlotte, North Carolina, the company operates through more than 155 offices globally.
Floodbase is an AI platform for insuring uncovered flood risk.
Topics California Flood New Markets
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