Amwins and Floodbase launch flood insurance for California municipalities

Amwins , a specialty insurance distributor, has partnered with Floodbase to launch a first-of-its-kind parametric flood insurance program for California municipalities. This new solution, backed by an A+ AM Best-rated carrier, is designed to provide rapid payouts for flood-related damages caused by atmospheric rivers, addressing the significant coverage gap in the state’s public sector.

California’s public sector has largely been uninsured against the increasing threat of atmospheric river flooding, which costs the state over $1 billion annually. The new program leverages Floodbase’s AI monitoring technology to offer scalable payouts based on the severity of flooding, allowing municipalities to quickly access funds for emergency response, rebuilding, and infrastructure repairs.

With federal aid covering less than 1% of the economic losses from these floods, Amwins’ new parametric insurance program offers municipalities a vital financial safety net as climate change drives higher flood risks in the region.

Bottom Line: Floodbase’s partnership with Amwins isn’t new.