Guy Carpenter, the reinsurance broker, is launching a new parametric flood product, FloodShield, designed to enable risk transfer for large portfolios of exposure across wide areas.
The FloodShield offering is flexible, allowing recoveries to be applied to flood event economic losses, and its parametric trigger can be adapted to suit various use cases and protection buyers, offering a range of coverage solutions to fit different budgets. It is also designed for mass applicability and can be scaled to support large portfolio coverage, with expected users including insurers, reinsurers, corporations, and public entities.
Guillermo Franco, Managing Director & Global Head of Cat Risk Research at Guy Carpenter, commented: “We are rolling out GC FloodShieldSM, a new mechanism for parametric flood (re)insurance, geared towards the risk transfer of large portfolios distributed across vast regions. Thank you to our colleagues at Guy Carpenter and our collaborators at Floodbase, KatRisk, and ICEYE”
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