September 23, 2021
“Online, offline, anytime – where parking meets – decision makers go to NPA to get deals done.”
According to the NPA, parking is critical to a healthy transportation ecosystem and for effective modernization of the nation’s infrastructure. 30% percent of all traffic in a city is generated by commuters searching for parking. Transportation is a leading source of greenhouse gas emissions in the U.S. Parking gets cars off the road, reducing time spent in a car thereby reducing emissions and pollution.
My team at Demex is delivering climate resilience for the parking industry by buffering the impacts of severe winter weather.
We analyze, price, and protect winter weather-related costs at the hyper-local level for every parking facility in the United States and Canada.
For example, we partner with Canadian airport parking operator Park’N Fly, which operates parking facilities at airports across the country. Park’N Fly’s snow removal costs can be more than twice as high during an extremely snowy winter than in a mild one. Toronto’s best and worst winters have both occurred since 2000.
Our tech here at Demex assesses the likelihood that snow removal costs would exceed Park’N Fly’s budget in any given year. We partner with Munich Re and Nephila Climate to build coverage that caps Park’N Fly’s spend on plowing and salting. This coverage provides for the safest possible operation while also protecting predictability for Park’N Fly’s annual budget on plowing and salting. We cap total expenses and serve as the shock absorber for year-to-year climate-driven cost volatility.
Carlo Marrello, Park’N Fly’s Chief Executive Officer, said, “The Demex solution has brought cost certainty with its innovative cost protection solution. This solution has positively impacted snow removal expenses while delivering fixed costs for budgets and better fiscal management.”
In the United States and Canada, the snow and ice management industry is estimated at nearly $30 billion. Residential, retail, and industrial properties all require partnerships for snow and ice management in regions that are prone to winter storms.
The map above is from the Demex Climate Center which is a free public resource for at-a-glance, analysis of localized climate with over 650,000 unique assessments. Winters in parts of the Northeast and Midwest US are becoming snowier with significantly higher year-to-year variability. This makes it hard to plan snow removal budgets and boosts the need for new methods of financial management.
Demex products address this risk and provide budget security for clients vulnerable to potentially high operating costs. Demex localized weather coverage includes fixed budget programs and insurance products that pay out automatically when snowfall reaches a certain amount.
We look forward to seeing you in Vegas! Come visit booth 342 or set a time to meet with me and Ed.