California Start-Up To Offer Parametric Storm Insurance In Florida

An upstart insurance company as far away from Florida as California aims to deliver something exceedingly rare for hurricane-weary and flood-prone Sunshine State customers: happiness. The company, Pleasanton, Calif.-based Assured Risk Cover — founded by catastrophe risk professionals and backed by a Silicon Valley venture capital firm — sells parametric insurance under the brand name StormPeace. Parametric insurance covers supplemental losses from a storm or event — but only after predetermined parameters of the event, such as a certain wind speed, occur. In parametric insurance, payment is also agreed to before the event, so there’s no lengthy and arduous claims adjustment process.