Willis has launched a sensor-based parametric flood insurance solution for UK racecourses. The broker has collaborated with flood forecasting firm Previsico, managing general agent Descartes Underwriting and insurer Generali to create the product.

Previsico will install a flood sensor at the insured racecourse and the policy will pay out if flood levels reach agreed trigger heights.

Arena Racing Company owns and operates 16 racecourses in the UK. These sites often sit on low-lying floodplains and have experienced difficulty in securing flood insurance. Royal Windsor Racecourse, owned by Arena Racing Company, has become the first venue to implement the parametric cover.

Claire Wilkinson, managing director of alternative risk transfer solutions at Willis, said: “Traditional insurance often struggles to provide affordable flood cover in high-risk areas leading to high premiums, large excesses or complete exclusions for flood. In contrast, parametric solutions offer an alternative approach, tailored to the specific needs of the client.

“Claims are paid automatically and promptly when a measurable flood depth trigger is met, regardless of actual damage.”

Kieran Gallagher, group operations director at Arena Racing Company, added: "We are grateful to the team at Willis for offering this new insurance solution, which will be of real benefit to Royal Windsor Racecourse.

“The business has previously not been able to insure against flooding, so this new approach, combined with the ongoing monitoring of river levels by Previsico, will be hugely important.”