Floodbase and insurance provider Oneglobal have announced plans to develop and distribute parametric flood insurance solutions across Asia.

Floodbase provides data on flood and other water-related risks.

Parametric insurance refers to a type of insurance contract that insures a policyholder against the occurrence of a specific event by paying a set amount based on the magnitude of the event, as opposed to the magnitude of the losses in a traditional indemnity policy.

Floodbase said that the move will mean the insurance firm will have a “first mover advantage” to use its flood data and technology, adding that together they will build programmes that offer “innovative solutions” to natural catastrophe risk exposures impacted by flood across Asia.

Having connected through Lloyd’s Lab, a programme which offers firms a space to partner and develop new services, the companies said their aim in partnering up was to close the flood insurance gap with “cutting-edge parametric flood insurance solutions”.

They went on to add that with the partnership they each saw a “massive opportunity” to marry Floodbase's historical and near real-time flood data with Oneglobal's re/insurance expertise and reputation for innovation.

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