Willis’ Parametric Trigger Cracks The Flood Cover Gap

Willis has launched a sensor-based parametric insurance solution for UK racecourses that responds to localised flooding. Royal Windsor Racecourse, one of 16 venues operated by Arena Racing Company (ARC), is the first site to adopt the policy, having previously been considered uninsurable for flood risk because of its position directly on the River Thames.

The solution involves installing a flood sensor at a location on the insured property. When the sensor detects water levels reaching the selected trigger depth, ARC automatically receives a payout that scales according to the maximum water depth, up to the agreed policy limit. 

How the Willis solution will address the UK's flood risk landscape