Floodbase, an industry data provider, and Oneglobal, a commercial re/insurance broker, have announced a collaborative effort to enhance flood insurance offerings in Asia through the development and distribution of parametric flood insurance solutions. This partnership stems from a connection made in Lloyd’s Lab, a hub for innovative insurance technology.
The collaboration aims to address the gap in flood insurance coverage by integrating Floodbase’s comprehensive historical and near real-time flood data with Oneglobal’s extensive re/insurance expertise and strong market presence. The strategic alliance positions Oneglobal to leverage Floodbase’s advanced flood data and technology, providing it with an advantageous position in the market.
Through this partnership, both organizations are set up to create programs that will introduce innovative solutions for managing risks associated with natural catastrophes, particularly floods, across Asia. This initiative represents a significant step towards enhancing the resilience of communities and businesses in the region against flood-related losses.
Elsewhere in the reinsurance sector, a report from Munich Re revealed that the market outlook for reinsurers holds promise but also grapples with increased uncertainty.
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