US-based insurtech firm The Demex Group (Demex), which offers comprehensive solutions to manage climate-related risk, has rolled out new snowfall insurance covers.
Demex’s new offerings aim to address the issue of volatile revenue and operating costs of snow-sensitive businesses as the nature of winter storms changes.
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Demex Revenue Protection Insurance is aimed at businesses that are dependent on snow and clients that engage in snow removal contracts.
Claims for this type of policy are triggered when there is extremely low snowfall.
Demex Cost Control Insurance, which is designed to serve property owners, facility managers, and municipalities, offers payouts when snowfall is extremely high.
Markel’s subsidiary Evanston Insurance Company is backing both the policies on non-admitted paper.
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By GlobalDataDemex head of insurance Carlos Oliveras said: “Unpredictable volatility creates significant challenges for commercial property owners, facilities managers, municipalities, and snow removal contractors alike.
“These businesses are particularly vulnerable. Winters with unexpectedly heavy snowfall boost costs for some and years with little snow destroy revenue for others. Snow insurance serves as a shock absorber for snow-sensitive businesses.”
In December 2021, Demex received $9m in seed funding to help businesses mitigate the risk of climate change.
Anthemis Group, Blue Bear Capital, and QBE Ventures co-led the round, and were joined by IA Capital Group.
Through the Demex Climate Indicator, the insurtech also offers free insights related to various weather phenomena including summer heat, rainfall, snowfall, and winter chill.
