Browsing: Parametric Insurance

NormanMax Insurance Holdings has agreed to acquire FloodFlash, a managing general agent (MGA) specializing in parametric flood insurance, pending regulatory approval. The deal will allow NormanMax to broaden its coverage and enhance its parametric solutions, including those for other natural catastrophes.

The increasing frequency and severity of wildfires, particularly in California, are driving greater adoption of sophisticated risk management tools within the insurance industry.

The California wildfires prompted broader adoption of risk management technology to mitigate wildfire risk, experts say.