Demex creates snowfall insurance
Insurtech Demex Group has launched what it described as revolutionary new snowfall insurance.
Demex deals in climate risk, which includes sustainable finance and climate risk transfer. Revenue and operating costs in snow-sensitive businesses are experiencing unexpected volatility driven by the changing nature of winter storms. Demex claims that its snow insurance delivers climate resilience by addressing volatility stabilising operational budgets that are linked to snowfall.
“Unpredictable volatility creates significant challenges for commercial property owners, facilities managers, municipalities, and snow removal contractors alike,” said Carlos A. Oliveras, head of insurance at Demex. “These businesses are particularly vulnerable. Winters with unexpectedly heavy snowfall boost cost for some and years with little snow destroy revenue for others. Snow insurance serves as a shock absorber for snow-sensitive businesses.”
Demex said that its snow insurance has two unique functions. Firstly Demex revenue protection insurance is created for snow removal contractors and snow-dependent businesses. Claims are triggered when snowfall is extremely low.
Secondly Demex cost control insurance serves property owners, facility managers, and municipalities. Claims are triggered when snowfall is extremely high.
Both policies are backed by non-admitted paper from Evanston Insurance Company, a subsidiary of Markel, the leader in specialty insurance. Policies carry A XV rating from AM Best, the largest credit rating agency in the world specializing in the insurance industry.
