August 24, 2021
Insurers are leading the way in creating climate resiliency.
In the United States alone, Municipalities, Universities, Schools and Hospitals bear over $7 billion of manageable risk linked to extreme winter weather. Within the last 10 years, New York City has experienced both one of its most costly winters and one of its least costly winters on record. Much of the U.S. East Coast has experienced a dramatic uptick in severe winter storms in recent years.
The map above from The Demex Climate Center shows blue shading where snowfall trends have strongly increased in recent years.
JLL manages commercial properties. In the winter, this means clearing out snow. The cost of clearing snow varies from year to year, making it hard to budget. The winter of 2012-2013 saw three inches of snow in Washington, making it a very cheap season. The following winter, however, saw 32 inches, proving extremely costly for businesses.
“Companies said, ‘We can’t be going $10 million or $15 million over budget every time there’s a bad year,’” said David Salnave, who oversees landscaping and snow removal for JLL. Salnave wanted to help his clients cope with budget-busting snowfall.
The Demex Group offers brokers and insurers a new way to protect their customers from the impacts of extreme winter weather. You can empower your customer to control highly variable snow removal and deicing costs in the face of unpredictable winters.
Our technology and weather data expertise enable us to develop coverage that is calibrated to precise locations and unique winter-storm patterns. We launched the Demex Climate Center as a free public resource to analyze climate trends and variability in over 60,000 global cities. At a glance, it provides an easy-to-understand analysis of localized climate with over 650,000 unique assessments.
With our innovative technology, Demex can help you address these climate risks for your customers by creating both parametric insurance and capital markets solutions.
Insurers Lead the Way
Customized Parametric Insurance, Property and Casualty Insurance, Business Lines Insurance and/or Financial Derivatives are all commonly used methods for protecting against extreme weather related losses. Relatively small preemptive premiums can provide significant financial recovery.
We are working with innovative brokers and insurers to design parametric winter-weather coverage – across any geography. We take a collaborative approach to identifying the risks most relevant to your customer segments and developing novel programs to protect and grow customer satisfaction. By working with Demex, we can help you rapidly integrate and deploy new weather solutions into the marketplace.
- API Access for Rapid System Integration
- Automated Documentation & Workflow
- Claims & Settlement Calculations
- Portfolio Monitoring
- Multilateral Security via Blockchain
Our platform distributes and manages large, geographically disperse insurance portfolios, and we’ve built a track record in making novel climate insurance offerings simple to administer.
Grab a time slot to discuss unique solutions for your customers!