Delivering financial resilience for property owners, facility managers, municipalities, snow removal contractors and snow-dependent businesses.
WASHINGTON, Aug. 11, 2022 /PRNewswire/ — The Demex Group (Demex) – the first provider of comprehensive solutions for modeling, assessing, and managing climate-linked risks at scale – today announced the launch of revolutionary new snowfall insurance.
Demex is a leading innovator in the field of 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 snow insurance delivers climate resilience by addressing volatility stabilizing operational budgets that are linked to snowfall.
"Unpredictable volatility creates significant challenges for commercial property owners, facilities managers, municipalities, and snow removal contractors alike," stated 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’s Snow Insurance has two unique functions:
- Demex Revenue Protection Insurance is created for snow removal contractors and snow-dependent businesses. Claims are triggered when snowfall is extremely low.
- 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.
Demex is the first company to develop a comprehensive approach to climate risk management. Its technology platform instantly performs climate assessments for every point around the world and then integrates client data and scalable analytics to develop an unlimited offering of financial instruments that are backed by a network of trusted capital partners. Demex clients don’t just assess their risk, they manage it.
SOURCE The Demex Group