About
 

New Paradigm was founded in 2013 by industry veterans on a belief that insurance should be fair, fully transparent, and available to all. In a traditional insurance market constricted by high premiums, limited coverage, and extensive exclusions, we knew there had to be a better way to deliver insurance solutions to residential and commercial policyholders. Identifying the frustrations consistently echoed by policyholders, brokers, and reinsurers – such as a slow & adversarial claims process, hidden or unclear sub-limits and exclusions, and high deductibles for policies – we knew that traditional insurance would not solve the challenges posed by the current insurance environment.

New Paradigm discovered that parametric insurance solutions could provide the answer to the problems facing the industry. Parametric insurance addresses gaps in the current natural disaster insurance market by providing policyholders customized payment structures based on certain parameters of the event – such as measured windspeeds or the storm track of a hurricane. Thus, New Paradigm became one of the first MGUs in the world to specialize in parametric insurance solutions.

Following formation, New Paradigm created Hurricane PM®, a revolutionary, zero-deductible parametric windstorm solution for the property insurance market in Florida and elsewhere. Hurricane PM® addressed problems in the market by closing coverage gaps not addressed by traditional property insurance in the event of a hurricane. Building on the success of Hurricane PM®, New Paradigm has also created parametric products for other catastrophic events, including Shake & Pay®, a pioneering first-dollar earthquake insurance, and TerrorismPM® for loss of income after acts of terrorism.

After a decade in business, New Paradigm is proud to have provided customized parametric insurance solutions for commercial and residential policyholders in the United States, Japan, Mexico, and elsewhere throughout the world. New Paradigm continues to be an industry leader for parametric insurance solutions and is constantly creating new parametric products – based on cutting-edge data analytics & proprietary technology – to meet the needs of our clients in an everchanging world.

Additionally, New Paradigm is pleased to offer traditional insurance solutions, such as Wind Deductible Buy Back, to help provide a full scope of protection for our clients and partners.

To see what customized insurance solutions New Paradigm can provide to meet your and your client’s goals and needs, please contact us today!