4 hours ago
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GlobalData
Mon, Apr 28, 2025, 4:26 AM 2 min read
Parametric Insurance level Floodbase has partnered with Yokahu to present a caller automated parametric flood security merchandise for businesses successful New Orleans, US.
The collaboration aims to supply a “financial information net” for businesses, covering economical losses including concern interruption, gross loss, cleanup and repair costs, and expenses related to impermanent facilities.
The flood sum solutions, developed by Floodbase, diagnostic predefined options that businesses tin tailor to their fund constraints successful consultation with their security brokers.
Yokahu's level volition negociate the quotation process for brokers done the precocious launched cat-risk.com exchange.
Yokahu CEO/founder Tim McCosh said: “Yokahu is thrilled to bring our security capableness and automated, state-of-the-art level to rapidly punctuation and wage retired claims for New Orleans commercialized customers.
“We are delighted to beryllium collaborating with Floodbase and see this lone the opening of the areas we volition screen crossed the US.”
The flood policies are designed to trigger automatic payouts to policyholders erstwhile a predetermined flooding threshold is reached wrong the metropolis – specified arsenic a definite percent of New Orleans being submerged.
This strategy is monitored by Floodbase.
Floodbase CEO and co-founder Bessie Schwarz stated: “We are excited to spouse with Yokahu, to empower brokers with instant quotes of new, holistic flood coverages that enactment businesses successful a stronger presumption to upwind the aftermath of a catastrophe.”
Earlier successful February, Floodbase secured $5m successful concern successful a backing circular led by the Ecosystem Integrity Fund, with further information from Pulse Fund.
Since its Series A backing circular successful 2023, Floodbase has expanded its operations to much than 40 countries, facilitating much than 9,000 flood security policies.
"Floodbase, Yokahu spouse to motorboat caller parametric flood sum " was primitively created and published by Life Insurance International, a GlobalData owned brand.
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