New York, NY (Mar. 5, 2025) \u2013 Floodbase, the leading platform for insuring flood risk, and Liberty Mutual (Liberty) have announced the launch of an instant quoting application for parametric flood (re)insurance in the US. This solution allows wholesale and retail brokers to price parametric flood covers in minutes, removing friction and introducing the speed required to serve the high-volume small to midsized commercial market more effectively. Designed specifically for the US market Liberty\u2019s pricing engine, powered by Floodbase Platform\u2019s new API, revolutionizes a traditionally time-consuming and demanding quoting process to deliver the speed and consistency that distributors need.<\/p>\n
Large-area parametric flood covers have reached a point of product maturity, with policies now transferring the risk of economic loss at global scale for US Municipalities, Colombian Farmers, CEI\u2019s nation-wide distributed property portfolio in Italy, and more. As the US demand for comprehensive flood risk management grows \u2013 driven by more frequent and intense flood events, rising National Flood Insurance Program premiums, and uncertainty around federal flood insurance \u2013 parametric flood is increasingly viewed as a viable complement to traditional property coverage, while also covering non-damage business interruption financial losses.<\/p>\n
US flood risk continues to outpace private market capacity. Two-thirds of modelled US flood losses go underinsured,[1<\/a>]<\/sup> underscoring the need for scalable private options alongside traditional indemnity coverages. While originally constrained by basis risk and product standardization, the primary limitation today is scalable distribution.<\/p>\n Using a solution such as the instant parametric flood quoting application from Liberty, powered by the Floodbase API, brokers and MGAs can now bring the large-area parametric flood into automated quoting and rating workflows, making it viable to distribute at scale across small- and mid-sized commercial markets where speed, consistency, and operational efficiency are essential. With multiple optimized structures and pricing options, the application makes flood policies easy to quote, simple to position, and low-effort to transact \u2013 while providing a differentiated parametric offering that was previously limited to complex, bespoke placements.<\/p>\n Jean-Christophe Garaix, head of Parametrics & Agriculture at Liberty Mutual said: \u201cThis collaboration enables us to respond to evolving flood risk with faster, more adaptable solutions. It\u2019s the same coverage\u2014just delivered faster and with far less friction, enabling the brokers to effectively explore and customize a client\u2019s flood coverage in seconds before even emailing an underwriter. That not only improves the client and distribution experience, it enables us to respond to evolving flood risk with novel parametric products for small-and-medium market segments.\u201d<\/p>\n \u201cParametric flood can be an effective risk management instrument bridging protection gaps in traditional policies for small-and-medium businesses in the US \u2013 but that requires rapid distribution at scale,\u201d added Bessie Schwarz, Co-founder and CEO of Floodbase. \u201cLiberty\u2019s new instant parametric flood quoting solution solves that, giving U.S. brokers and MGAs the flexibility to embed rapid parametric flood cover into their own quoting environments, enabling scalable distribution across small- and mid-market segments.\u201d This is enabled by the new API that Floodbase has developed and launched to enable any (re)insurer to embed parametric flood directly into quoting and rating workflows. To learn more, contact Floodbase.<\/p>\n 1. Moody\u2019s RMS: \u201cWhy does the U.S. flood insurance gap persist, and how can private insurance transform the market?<\/a>\u201d (Dec. 3, 2025)<\/p>\n Floodbase is the platform for insuring uncovered flood risk. Built on more than a decade of science and engineering, Floodbase monitors flooding worldwide. Partners rely on Floodbase to design and power flood covers for large corporate and public sector clients insuring previously uninsurable economic loss from flooding. Floodbase partners with leading re\/insurers including Swiss Re Corporate Solutions, Liberty Mutual Re, and AXA Climate, and supports the UN, The New York Times, and others to identify and respond to major flood events. For more information, visit www.floodbase.com<\/a>.<\/p>\n At Liberty Mutual, we believe progress happens when people feel secure. For more than 110 years we have helped people and businesses embrace today and confidently pursue tomorrow by providing protection for the unexpected and delivering it with care. A Fortune 100<\/em> company with more than 40,000 employees in 28 countries and economies, we are the ninth largest global property & casualty insurer and generate more than $50 billion USD in annual consolidated revenue.<\/p>\n We operate through three strategic business units: US Retail Markets, providing auto, home, renters and other personal and small commercial lines property and casualty insurance to individuals and small businesses countrywide; Global Risk Solutions, delivering a full range of comprehensive commercial and specialty insurance, reinsurance and surety solutions to mid-size and large businesses worldwide; and Liberty Mutual Investments, deploying more than $100 billion of long-term capital globally across its integrated platform to drive economic growth, power innovation and secure Liberty Mutual\u2019s promises. For more information, visit www.libertymutualgroup.com<\/a>.<\/p>\n SOURCE: Floodbase<\/i><\/p>\n Tags: API<\/a>, commercial lines<\/a>, flood<\/a>, Floodbase<\/a>, launch<\/a>, Liberty Mutual<\/a>, parametric insurance<\/a>, protection gap<\/a>, United States (USA)<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":" New York, NY (Mar. 5, 2025) \u2013 Floodbase, the leading platform for insuring flood risk, and Liberty Mutual (Liberty) have announced the launch of an instant quoting application for parametric flood (re)insurance in the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/24863"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=24863"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/24863\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=24863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=24863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=24863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Notes<\/h4>\n
About Floodbase<\/h4>\n
About Liberty Mutual<\/b><\/h4>\n