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Illustration: Maura Losch/Axios

Your home or business insurance could soon come with innovative options for extreme weather thanks in part to platforms developed by climate risk management companies like The Demex Group.

Driving the news: The company uses a combination of meteorological know-how, risk analysis, software development and relationships with insurers to help distribute the monetary risk that extreme weather events pose.

The big picture: Such events, particularly temperature and precipitation extremes, are worsening due to human-caused climate change. Transferring that risk from business owners, and spreading it across the insurance industry, could be a way to help manage a riskier future.

Between the lines: On Thursday, The Demex Group announced it had raised $9 million in Series A funding. Last month, it also rolled out a unique partnership with Vave, an insurance API service platform. Under the partnership, the companies will offer extreme temperature insurance to commercial properties nationwide.

  • The product is designed to provide up to $1,000 of cash immediately when the temperature hits a certain threshold, according to a statement, giving business owners a bridge to cover the gap before traditional insurance might reimburse for physical damage.

What they're saying: "What we have found is that there's a sort of a gap period where when the event occurs, it takes a little while to get the insurance money flowing," Stephen Bennett, chief climate officer at The Demex Group, told Axios.

  • Bennett said the company is working to offer similar products for precipitation, heat and other extreme events.

Go deeper

Biden announces purchase of additional 500 million COVID-19 tests

Photo: Ed Jones/AFP via Getty Images

President Biden announced Thursday that his administration is buying an additional 500 million rapid tests to distribute to people in the U.S. for free.

Driving the news: The administration previously bought 500 million rapid tests in December, which are scheduled to arrive this month. With the purchase announced today, the U.S. will have 1 billion tests in total "to meet future demand," Biden said.

Jan 10, 2022 - Health

Insurers to cover costs for at-home COVID tests starting Saturday

COVID-19 rapid at-home test kits rest on a table at a free distribution event for those who received vaccination shots or booster shots on Jan. 7 in Los Angeles. Photo: Mario Tama via Getty Images

Health insurers will be required to cover costs for over-the-counter, at-home COVID tests starting this Saturday, the Health and Human Services Department announced Monday.

Why it matters: Under President Biden's strategy to expand access to free COVID testing, insurers will either cover costs upfront or reimburse people after they submit claims.

In photos: 2021's devastating climate disasters

Firefighters work on a wildfire in the Sequoia National Forest near Johnsondale, Calif., in September 2021. Photo: Patrick T. Fallon/AFP via Getty Images

Climate disasters in 2021 affected millions of lives, caused billions of dollars in economic loss across the world and brought into stark reality the perils of higher temperatures and climate change in general.

The big picture: Early data has ranked 2021 as the sixth warmest year on record. Climatologists have warned that increased surface temperatures make floods, droughts, heat and cold waves, wildfires and tropical storms and hurricanes more common and intense.

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