In response to floods across France, meteo protect offers
New parametric insurance for river companies
Paris, France – April 23, 2018: In response to the significant rainfall that occurred between December and February this winter and the floods that followed throughout France, Meteo Protect, Coverholder to Lloyd’s, offers a new meteorological parametric insurance designed specifically to pleasure boats and river companies.
The unusually high rainfall that France experienced between December and January, the largest in 40 years, caused overflows of rivers across the country, including the Seine, Marne, Yonne, Rhone and Saone rivers. . In over 275 municipalities, the government has declared a state of natural disaster, allowing the compensation of insured individuals against this risk (for their homes, vehicles, etc.). The French Insurance Federation estimates that the material damage caused by these floods will affect about 30,000 people, for a total amount of compensation of more than 200 million euros. These floods are the largest since the exceptional rains that affected half of the country in May and June 2016, resulting in insured losses of 1.4 billion euros.
However, floods can have other financial consequences not covered by traditional insurance. Many companies suffer a partial or total loss of their activity during floods, whether because of the height of the bridges that prevents them from navigating, the closure of wharves that make boats inaccessible to the public, or prefectural prohibitions.
“This year’s floods are remarkable for the length of time they have impacted economic activity along the rivers,” said Gabriel Gross, President of Meteo Protect. “Bad weather can affect river companies just as much as our farm customers. For those who have not anticipated this risk, the financial losses in case of weather hazards can be catastrophic. Our parametric insurances are customizable to protect weather-sensitive businesses beyond what traditional insurance offers. ”
The parametric insurances created by Meteo Protect aim to compensate losses incurred by river transport companies and dockside activities following the floods. The insurance coverage is based on a weather index such as the number of days the river level has exceeded a certain height (also called “critical days”). Companies seeking insurance establish coverage periods, indemnifications for each critical day and the limit of compensation in accordance with their specific risk profile.
The subscription and pricing platform of Meteo Protect aggregates meteorological data, analyzes risks and provides a quote, all in real time. Weather index insurance is designed to compensate for losses from adverse weather conditions. Unlike traditional insurance, compensation is simple and automatic, since it is done without expertise, deductibles or adjustments.
For Meteo Protect:
: +33 (0)1 84 16 66 11
About Meteo Protect
Meteo Protect creates meteorological parametric insurance products to provide protection to businesses whose financial performance may be impacted by weather conditions. Insurance broker based in Paris and present in eight countries, Meteo Protect covers risks all around the world. Its solutions are approved and supported by the largest insurers and reinsurers in the market. Protect Weather has the status of Lloyd’s Coverholder, is registered with ORIAS and is a member of the CNCIF.
Meteo Protect is a partner with financial institutions, agricultural cooperatives and associations, all leading. Meteo Protect primarily provides insurance companies with a generic electronic pricing and underwriting platform to create parametric insurance products for their clients. The covers are underwritten and managed by Meteo Protect and its award-winning Vivaldi platform, powered by SAP HANA technology and certified by SAP.