PARAMETRICS cost-effective manner . FloodFlash emerged from advances in affordable IoT technology and data processing . We ’ ve mapped every single property in the US and can provide a quote after just a few questions now . The parametric boom we are seeing now is a reaction to protection gaps around the world , but it wouldn ’ t be possible without the tech and data innovation that underpins each product .”
Despite these cost challenges , it isn ’ t always necessary to gather separate data for every catastrophe you insure or every market you enter . Lacovara elaborates :
“ For many perils such as floods , parametrics require considerably less ‘ local ’ information and modelling , and can be extrapolated more easily than traditional indemnity .
“ Moreover , knowing every detail of the underlying risk isn ’ t necessary ; for example , ample parametric capacity has been deployed in the US Pacific Northwest , even though we have rarely witnessed the M9 + events we know the Cascadia region can produce . More recently , programmes have been developed for countries in Latin America and Africa where there is , in some cases , as few as 20 years of data .”
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