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INSURANCE FOR THE CLIMATE CHANGE ERA
HARNESSING SATELLITE DATA TO STRUCTURE  PARAMETRIC SOLUTIONS FOR CLIMATE CHANGE RISKS
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WHAT WE DO

BIRDSEYEVIEW IS A DIGITAL-FIRST MANAGING GENERAL AGENT (MGA).

WE USE SPACE-DATA TO DESIGN INNOVATIVE PARAMETRIC SOLUTIONS

AT THE HEART OF WHAT WE DO IS RAPTOR™, OUR PROPRIETARY ALGORITHMIC UNDERWRITING AND QUOTE & BIND ENGINE

WE WORK WITH BROKERS AND AGENTS.

USING RAPTOR, WE ENABLE THEM TO DIVERSIFY THEIR PRODUCT OFFERING AND ENSURE THAT GAPS IN THEIR CLIENTS' EXPOSURES ARE COVERED

 

OUR PARAMETRIC PRODUCTS CAN COMPLEMENT TRADITIONAL INDEMNITY PRODUCTS

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WHAT WE DO

BY HARNESSING BIG WEATHER-DATA FROM SATELLITES, RADAR, AND GROUND STATIONS, WE CAN PROVIDE BUSINESSES IN AGRICULTURE, EVENTS, HOSPITALITY, LEISURE, & CONSTRUCTION, WITH PROTECTION FROM SEVERE WEATHER-EVENTS

WE ADDRESS THE FAILURES AND GAPS ASSOCIATED WITH TRADITIONAL INSURANCE. INSTEAD WE PROVIDE SIMPLE, FAST, AND FLEXIBLE COVER TO THOSE THAT NEED IT MOST

IF YOU ARE A BROKER, AGENT OR INTERMEDIARY THEN PLEASE GET IN TOUCH. 

 

WANT TO LEARN MORE?

SATELLITE DATA ENABLES US TO QUOTE FOR LOCATIONS GLOBALLY

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HASSLE FREE WEATHER-RISK INSURANCE TO PROTECT YOUR BUSINESS

JARGON FREE POLICIES WITH TRANSPARENT PRICING

IMMEDIATE INDEMNIFICATION IN EVENT OF LOSS

SUPPORTERS AND COLLABORATORS

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CLIMATE CHANGE

NATURAL DISASTERS ARE INCREASING IN FREQUENCY AND SEVERITY AS A RESULT OF CLIMATE  CHANGE

 

SNAPSHOT

NATURAL DISASTERS IN 2020 RESULTED IN 8,200 LIVES LOST AND GLOBAL LOSSES OF $210BN, 60% OF WHICH WERE UNINSURED. 

- RECORD NORTH ATLANTIC HURRICANE SEASON

- HISTORIC WILDFIRES

GROWING TEMPERATURES ARE INCREASING THE NUMBER OF HEATWAVES AND DROUGHTS, FUELLING WILDFIRES. MEANWHILE INCREASED TEMPERATURES ENABLE THE ATMOSPHERE TO HOLD MORE MOISTURE, RESULTING IN MORE SEVERE RAINFALL AND FLOOD EVENTS.

 

THE ECONOMIC IMPACT OF CLIMATE CHANGE IS BEING COMPOUNDED BY INCREASING POPULATION CONCENTRATION AND DEVELOPMENT IN CATASTROPHE EXPOSED AREAS AND RISING WEALTH AND PROPERTY VALUES.

CYCLONE SPOTLIGHT

Warmer water temperatures mean greater heat energy is available to produce tropical cyclones.

Interestingly, since 1975 we have seen a substantial increase in observable Cat 4-5 hurricanes but a reduction in Cat 1-2 hurricanes.

One of the most well understood and robust connections is that the warmer the atmosphere, the more moisture it can hold. For each 1°C, the atmosphere can hold 7% more moisture. (Clausius-Clapeyron Relationship) 

This effect is boosted during cyclones. 

It was this effect that resulted in the 60 inches of rain that fell in 2017 on Southeast Texas during hurricane Harvey.

The warmer climate also results in a slowing of the cyclones forward speed. Since 1949, the forward speed of cyclones over land has reduced by 21% in the North West Pacific and 16% in the North Atlantic.

This lethargic movement exacerbates the impacts of heavy rainfall, the driver behind the majority of damage from cyclones. 

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PARAMETRIC INSURANCE 

THERE IS CURRENTLY A MAJOR UNDERINSURANCE GAP

$130BN WORTH OF LOSSES FROM NATURAL DISASTERS ARE UNINSURED

AN ESTIMATED 90% OF WEATHER DRIVEN LOSSES IN DEVELOPING MARKETS ARE UNINSURED 

TRADITIONAL INDEMNITY INSURANCE IS EITHER UNAVAILABLE OR INAPPROPRIATE, LEAVING BUSINESSES AND INDIVIDUALS EXPOSED TO NATURAL DISASTERS

THE GLOBAL (RE)INSURANCE MARKET HAS THE ABILITY TO DIRECTLY INFLUENCE GLOBAL ECONOMIC RESILIENCE TO THESE CLIMATE CHANGE DRIVEN EVENTS

PARAMETRIC INSURANCE HOLDS THE ANSWER

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THE BASICS

PARAMETRIC INSURANCE PAYS OUT ACCORDING TO A VERIFIABLE AND OBJECTIVE DATA-DRIVEN EVENT OCCURRING

FOR EXAMPLE, IF WIND-SPEEDS OR RAINFALL EXCEEDS A PRE-DETERMINED LEVEL. THIS IS MEASURED BY AN INDEPENDENT 3RD PARTY DATASET. THERE IS NO NEED FOR TIME-CONSUMING OR EXPENSIVE LOSS ADJUSTMENT.

IN PRACTICE

FOR EXAMPLE: 90% OF CROP FAILURE IS CAUSED BY TOO MUCH OR TOO LITTLE RAINFALL. 

THEREFORE, A FARMER WOULD COME TO BIRDSEYEVIEW AND PURCHASE A POLICY WHEREBY, IF RAINFALL EXCEEDS A CERTAIN LEVEL AT HIS FARM, WE WOULD MAKE A PAYOUT. WE CONTINUALLY MEASURE RAINFALL CONDITIONS AT THE FARMERS LOCATION USING, FOR EXAMPLE, METOFFICE WEATHER DATA. 

1

CHOOSE PERIL

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2

WE MONITOR CONDITIONS AT YOUR LOCATION REMOTELY

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3

RAINFALL OR DROUGHT OCCURS 

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WE IMMEDIATELY PAY MONEY TO YOUR ACCOUNT

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HOW IT WORKS

BUSINESSES WHOSE REVENUES ARE EXPOSED TO SEVERE WEATHER EVENTS CAN BENEFIT FROM THE FINANCIAL SECURITY THAT PARAMETRIC INSURANCE CAN PROVIDE

 


SECTORS IMPACTED BY ADVERSE WEATHER: 

AGRICULTURE

GLOBAL SPORTING EVENTS

CLOSURE OF MINES DUE TO EXCESS-RAIN

SUPPLY CHAINS & LOGISTICS

HOSPITALITY & RETAIL

CONSTRUCTION

 
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We are continuing to augment the suite of parametric products readily available and pre-processed within our algorithmic underwriting engine RAPTOR™.

However, we can design bespoke products for other perils upon brokers' request 

PERILS

*AUTOMATED IN RAPTOR

RAINFALL

*AVAILABLE UPON REQUEST*

TEMPERATURE

WINDSPEED 

EARTHQUAKE

FLOOD 

WILDFIRE 

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WHY IS IT SO CRITICAL THAT WE MANAGE GLOBAL WEATHER - RISK?

FOOD SECURITY

GLOBAL POPULATION INCREASE, SHIFTING DIETS, AND THE INCREASING NUMBER OF CLIMATE CHANGE-INDUCED NATURAL DISASTERS ARE PUTTING INCREASING PRESSURES ON GLOBAL FOOD SUPPLIES

CLIMATE CHANGE

NATURAL DISASTERS ARE INCREASING IN BOTH FREQUENCY AND SEVERITY 

ECONOMIC SECURITY

BIRDSEYEVIEW'S UNCOMPLICATED WEATHER-RISK INSURANCE CAN SAFEGUARD FARMER LIVELIHOODS IN THE EVENT OF A NATURAL DISASTER

SUSTAINABILITY

FINANCIAL SECURITY ENSURES THAT SUSTAINABLE FARMING PRACTICES ARE PRESERVED 

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WANT TO LEARN MORE?

SATELLITE DATA ENABLES US TO QUOTE FOR LOCATIONS GLOBALLY