4.8 • 50 Ratings
🗓️ 28 June 2023
⏱️ 31 minutes
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0:00.0 | Welcome or welcome back. If it's your first time, great to have you join us, Matthew Grant here. |
0:13.0 | Now, we all know flood events are increasing around the world, and this is still a tough peril |
0:18.1 | to cover with conventional insurance. Parametric solutions are helping to provide |
0:22.4 | new capacity to ensure catastrophic risks, but parametric flood insurance is not yet as popular |
0:28.0 | as parametric covers for hurricanes and earthquakes due in part to data and modeling challenges |
0:33.5 | specific to flood. Well, Henry Gale is your host this week and he's speaking to Peter |
0:37.6 | Lacavera, head of commercial at Flood Base. And they talk about how the company is working to make |
0:42.4 | parametric flood insurance possible with satellite imagery, machine learning and partnerships |
0:47.2 | with insurers and brokers. |
0:57.2 | Peter Lackavara, it's great to have you on the podcast. |
0:59.4 | Thanks a lot for having me, Henry. I'm happy to be here. |
1:05.5 | So you're the head of commercial for flood base, and the company was founded in 2015, |
1:09.8 | originally called Cloud to Street, and you're specialized in flood mapping. |
1:12.3 | He started off working with governments to manage their flood response, but recently you raised $12 million in your Series A and rebranded |
1:18.0 | to flood base with an offering to the insurance industry using your data to model and monitor |
1:23.9 | flood risk for parametric insurance. Peter, what have I missed there? |
1:28.3 | No, I think that's exactly right. We've been in the business of flood mapping for almost 10 years, |
1:33.1 | but we are kind of new to the insurance world, and that was really the impetus for raising a Series A about a year ago. |
1:39.6 | But you're not new to the insurance world. Tell me a bit about your background and what attracted you to |
1:44.8 | work at Flood Base. So I joined Flood Base in April of 2022, so just over a year ago, from Marsh, |
1:53.3 | where I was head of Parametric Center of Excellence for the U.S. Canada and the Caribbean. I was also |
2:00.0 | alternative risk transfer leader, so I had a |
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