Floodbase to develop parametric flood insurance

In partnership with African Risk Capacity (ARC) and Global Parametrics, US-based insurtech Floodbase is developing a parametric flood insurance product.

The new program is intended to help small farmers in Malawi and Mozambique avoid financial hardship in the event of devastating floods, which have become increasingly frequent as a result of climate change.

The parametric solution will compensate policyholders within days following the occurrence of a loss, thanks to Floodbase's satellite monitoring and machine learning tools.

The project is funded by a grant from the US Agency for International Development (USAID).