LONDON, May 11, 2026 — Willis, a WTW business (NASDAQ:WTW), has announced a new sensor-based parametric insurance solution for UK racecourses that responds to localised flooding. The policy has been designed in collaboration with the flood forecasting company Previsico, Descartes Underwriting (MGA) and Generali, which will act as the insurer.
Flood risk is increasing in the UK, with related costs on track to rise by up to 50% and hit £3.6bn by 2050[1]. Often located on low-lying floodplains, racecourses are especially vulnerable to flood-related property damage, requiring costly clean-up, repairs and refurbishment, and financial losses from business interruption. In response, insurers are excluded certain locations for flood protection or imposing very large deductibles.
Royal Windsor Racecourse, one of 16 UK racecourses owned and operated by the policyholder Arena Racing Company (‘ARC’), is the first of its locations to implement a sensor-based parametric flood policy. As with several other racecourses owned by ARC, including Worcester and Southwell, Windsor Racecourse is in a highly flood exposed location due to its position directly on the River Thames, and has previously been uninsurable for flood risk.
“Parametric solutions offer an alternative approach, tailored to the specific needs of the client.”Claire WilkinsonManaging Director, Alternative Risk Transfer Solutions
Claire Wilkinson, Managing Director, Alternative Risk Transfer Solutions, 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. These solutions respond quickly and objectively, offering complete flexibility in the use of the claim proceeds.
The Willis approach involves installing a unique flood sensor, provided by Previsico, on the insured property at a location selected by ARC that reflects their precise needs and specific exposure. The policy is designed so that when the sensor detects flood levels at the selected trigger depth ARC automatically receives a payout. This payout scales according to the maximum water height, up to the agreed policy limit.
By removing uncertainty, cost and time from the claims process, claims are paid quickly with no protracted loss adjustment process. An additional benefit of the sensor approach is the continuous monitoring of water levels. This provides early warning of potential flooding, enabling the client to manage the impact by implementing flood risk management protocols, including moving sensitive equipment to higher ground.
The solution can be replicated across all flood-exposed locations and tailored to the specific circumstances of each racecourse, providing ARC with coverage for an otherwise uninsurable risk.
Kieran Gallagher, Group Operations Director at ARC, said: "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.”
Hamid Khandahari, Data Scientist and Parametric Underwriter at Descartes Underwriting, commented that by developing a deep understanding of the site-specific flood exposure, incorporating historical flood data as well as the impact of river defences and relief channels, they were able to support a tailored parametric insurance solution where traditional coverage options were unavailable.
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Footnote
- Flood resilience in England. Environmental Audit Committee, House of Commons. Fourth Report of Session 2024-26. Return to article
