Parametric Insurance platform Floodbase has partnered with Yokahu to introduce a new automated parametric flood insurance product for businesses in New Orleans, US.
The collaboration aims to provide a “financial safety net” for businesses, covering economic losses including business interruption, revenue loss, cleanup and repair costs, and expenses related to temporary facilities.
The flood coverage solutions, developed by Floodbase, feature predefined options that businesses can tailor to their budget constraints in consultation with their insurance brokers.
Yokahu’s platform will manage the quotation process for brokers through the recently launched cat-risk.com exchange.
Yokahu CEO/founder Tim McCosh said: “Yokahu is thrilled to bring our insurance capacity and automated, state-of-the-art platform to rapidly quote and pay out claims for New Orleans commercial customers.
“We are delighted to be collaborating with Floodbase and consider this only the beginning of the areas we will cover across the US.”
The flood policies are designed to trigger automatic payouts to policyholders when a predetermined flooding threshold is reached within the city – such as a certain percentage of New Orleans being submerged.
This system is monitored by Floodbase.
Floodbase CEO and co-founder Bessie Schwarz stated: “We are excited to partner with Yokahu, to empower brokers with instant quotes of new, holistic flood coverages that put businesses in a stronger position to weather the aftermath of a catastrophe.”
Earlier in February, Floodbase secured $5m in investment in a funding round led by the Ecosystem Integrity Fund, with additional participation from Pulse Fund.
Since its Series A funding round in 2023, Floodbase has expanded its operations to more than 40 countries, facilitating more than 9,000 flood insurance policies.
“Floodbase, Yokahu partner to launch new parametric flood coverage ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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