Amwins and Floodbase Launch Flood Insurance Program for California Municipalities

Amwins and Floodbase have launched a municipal flood insurance program designed to insure California municipalities against previously discovered losses due to atmospheric river flooding.

The flood program closes the insurance gap with policy payouts that automatically increase based on the extent of atmospheric river flooding. The program provides 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 bonded coverage from public sector customers in California, who have replaced some of their flood coverage with this new parametric product from Amwins and Floodbase.

Amwins is a wholesale distributor of specialty insurance products in the US. Headquartered 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