Floodbase, the world-leading platform for insuring uncovered flood risk, and Yokahu, a pioneering insurance intermediary specialising in catastrophe risk, have announced a partnership to launch new automated parametric flood insurance policies for businesses in New Orleans.
The new product is designed to directly address significant coverage gaps in traditional flood insurance available to New Orleans businesses, particularly those exposed during extreme weather events such as Hurricane Ida.
Existing options like the federal National Flood Insurance Program (NFIP) offer limited protection, with payout caps of $500,000 and coverage restricted solely to direct physical property damage.
As a result, many businesses experience devastating financial impacts from losses that remain uncovered under traditional insurance structures.
Floodbase, renowned for its real-time flood monitoring capabilities and data-driven parametric insurance solutions, provides the crucial technological foundation needed to extend broader, more adaptive financial protection.
Meanwhile, Yokahu, through its sophisticated cat-risk.com platform, streamlines the insurance process for brokers and businesses alike, offering seamless quoting, underwriting, and rapid claims management.
The new parametric policies trigger automatic payouts when a pre-set flood threshold is reached.
In New Orleans, this means that if a predetermined percentage of the city’s area becomes submerged, payouts are automatically activated — without the need for costly and time-consuming physical damage assessments. Importantly, this approach covers a wide variety of economic impacts, including business interruption, revenue losses, cleanup costs, urgent repairs, and relocation to temporary facilities — risks traditionally excluded from standard flood insurance.
The coverage is underpinned by an “A+” AM Best rated carrier, ensuring high levels of financial resilience and trustworthiness. Clients can choose from a range of predefined coverage options, enabling businesses of various sizes and budgets to tailor solutions according to their specific needs.
Yokahu’s user-friendly platform ensures that the quoting, policy selection, and claims processes are transparent, efficient, and fast, removing many of the historic barriers associated with flood insurance claims.
Particularly for sectors like New Orleans’ iconic hospitality, restaurant, and tourism industries — which are critical to the local economy but have historically been underinsured — this innovation offers much-needed financial resilience.
Even businesses operating above ground level, which are often excluded from traditional flood insurance payouts, will now have meaningful access to financial recovery assistance following flood events. This partnership marks a significant step forward in closing the protection gap for one of America’s most flood-prone and culturally significant cities.
Floodbase co-founder & CEO Bessie Schwarz said, “New Orleans businesses have gone far too long without adequate flood insurance options, leaving them vulnerable and financially exposed in the event of major floods. We are excited to partner with Yokahu, to empower brokers with instant quotes of new, holistic flood coverages that put businesses in a stronger position to weather the aftermath of a catastrophe.”
Yokahu CEO/Founder Tim McCosh said, “With our new flood coverage options, Yokahu and Floodbase will meet a vital need for New Orleans businesses, including its beloved hospitality sector. Yokahu is thrilled to bring our insurance capacity and automated, state-of-the-art platform to rapidly quote and payout claims for New Orleans commercial customers. We are delighted to be collaborating with Floodbase and consider this only the beginning of the areas we will cover across the U.S.”
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