Guy Carpenter Plays Key Role in Delivering Pilot Parametric Community Flood Insurance Program

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This article from Artemis describes how the program, launched in collaboration with the Center for NYC Neighborhoods (CNYCN) and other partners, will provide up to USD 1.1 million in emergency funding to low- and moderate-income households in need after a major flooding event in New York City.

Qualifying households would receive a grant up to USD 15,000 from CNYCN in the aftermath of a major flood, with an application portal opened up after a flood event triggers the parameters for the insurance coverage. Guy Carpenter provided key technical advisory in the development of the program, and the contract was placed through MMC Securities LLC, US registered broker/dealer and member FINRA/NFA/SIPC. Guy Carpenter and MMC Securities are both businesses of Marsh McLennan.

“With the increasing frequency and severity of adverse weather impacting communities, it is crucial that we take steps to protect the most vulnerable,” said Guy Carpenter’s Jake Clark, Head of Public Sector North America. “Guy Carpenter is honored to be a part of this important solution and we encourage other communities to use these approaches as a component of disaster risk management efforts.”

Swiss Re, Guy Carpenter & ICEYE deliver NYC parametric flood insurance