South Carolina Sfaa Sfaa #5400030048

South Carolina seeks input on parametric insurance policy solutions for natural hazards

The South Carolina Office of Resilience, together with the Department of Insurance, Emergency Management Division, and Department of Natural Resources, is seeking input from insurance industry experts regarding parametric insurance policy solutions for natural hazards. - Government Buyer: - South Carolina Office of Resilience (lead agency) - South Carolina Department of Insurance - South Carolina Emergency Management Division - South Carolina Department of Natural Resources - Products/Services Requested: - Parametric insurance policy structures for hazards including hurricanes, floods, storm surges, earthquakes, and droughts - Policy estimates for coverage limits of $50 million, $100 million, and $200 million - Tiered payout frameworks and specific triggers/parameters for each hazard - Methodologies for measuring and verifying triggers - Unique/Notable Requirements: - Open to alternative recommendations for triggers, indices, and payout structures - Respondents must provide detailed methodologies and rationale for their proposed solutions - OEMs and Vendors: - No specific OEMs or vendors named; open to all insurance providers and entities with relevant expertise - This is a Request for Information (RFI) to inform future procurement actions, not a solicitation for immediate purchase.

Description

The South Carolina Office of Resilience, along with other state agencies, is issuing a Request for Information (RFI) to gather expert knowledge on Parametric Insurance Policies. The RFI seeks information from insurance providers experienced in developing and underwriting parametric insurance policies, ideally at a state or regional level. The goal is to develop a briefing memorandum and a proposed insurance policy quote framework based on historical storm, natural disaster, and weather-related event data in South Carolina. Respondents are asked to provide estimated premiums, tiered payout structures, and alternative recommendations for triggers and parameters for hazards including hurricanes, floods, storm surges, earthquakes, and droughts.

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