Throughout Florida, a series of 30-foot concrete poles are being erected with what look like wingless airplanes on top–the harbingers of a new form of insurance.
Behind these installations of super-strong anemometers for wind speed recording is an outfit called WindX, which will use the equipment to provide certified data for what is referred to as parametric insurance.
Peter Nakada, the managing director of Risk Management Solutions RMS Consulting in Hackensack, N.J.–which is partnering with WeatherFlow, a firm which is providing the wind-monitoring devices–said parametric insurance is a simpler way to insure risk.
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