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Peter Lacovara: Head of Commercial, Floodbase: Making parametric flood insurance possible (252)
InsTech - insurance & innovation with Matthew Grant
How to Use Flood Maps to Price Your Insurance Policy
Fractional flooded area is the parameter for a parametric policy. We use that index to both to price so we can look over time. How frequently does that number change? What are the most extreme portions of that area that become flooded? And then we fit that to a distribution function. That helps us with the pricing. So when the event happens, we look at what portion of the area of interest is flooded and that's what determines the payout.
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