With inland flooding, storm surge losses and government cutbacks on the rise, parametric flood insurance may finally be having a moment in Florida and elsewhere in the Southeast.
“It’s starting to get some traction. We’re seeing more and more requests for quotes, and more people buying coverage,” said Chad LaTour, managing partner at Flood Risk Solutions, a managing general agent and insurance brokerage based in St. Petersburg, Florida.
Parametric insurance, which generally pays a predetermined amount when a weather or loss event reaches a trigger point, has been gaining in popularity in Florida since repeated