Flood events are increasing around the world, with many losses uncovered by insurance. Whilst parametric solutions can help provide new capacity to insure catastrophic risks and widen access to insurance, parametric flood insurance is not yet as widespread as parametric covers for hurricanes or earthquakes, due in part to data and modelling challenges specific to flood.

Henry Gale speaks to Peter Lacovara, Head of Commercial, Floodbase about how the company is working to make parametric flood insurance possible with satellite imagery, machine learning and partnerships with insurers and brokers.

Topics include:

Peter's experience leading parametric broking in North America at Marsh
The types of companies looking for parametric flood insurance
Training a machine to find flood water in satellite images
What 'fractional flooded area' is and how it can be used as a parametric trigger
Floodbase's work with FEMA on the US National Flood Insurance Program (NFIP)

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Continuing Professional Development - Learning Objectives

InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, you can claim up to 0.5 hours towards your CPD scheme.

By the end of this podcast, you should be able to meet the following Learning Objectives:

Explain some of the data & modelling challenges flood insurance encounters
Describe how using satellite imagery can provide a solution to flood insurance
Identify the key benefits of having different partnerships

If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 252 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.

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Peter Lacovara: Head of Commercial, Floodbase: Making parametric flood insurance possible (252)

InsTech - insurance & innovation

Peter Lacovara: Head of Commercial, Floodbase: Making parametric flood insurance possible (252)