California's winter extremes of wildfires and heavy rains have worsened the insurance market crisis. Local governments, like Monterey County, which suffered significant flooding losses and awaits FEMA reimbursements, are looking at a new parametric flood insurance product. This innovative approach aims to provide immediate, smaller payouts for emergency costs rather than waiting for traditional cumbersome claims processes. The county's experience highlights the urgent need for flexible insurance solutions to respond to the rising challenges of climate change.
The new flood insurance product, using parametric structures, promises immediate payouts for emergencies, a crucial innovation for counties facing climate-related impacts.
Monterey County's reliance on FEMA for disaster recovery revealed vulnerabilities, showing the need to explore new insurance options as the insurance crisis deepens.
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