Bushfires, cyclones, floods — AU is one of the most climate-exposed developed nations. Premiums in North QLD doubled in 5 years. Millions are underinsured. Parametric insurance pays out automatically when a trigger is met — no claims process, no adjusters, no waiting. The global market hits $39B by 2030. Nobody in Australia is building this.
"In Northern Australia, average home insurance premiums have doubled in the last 5 years. Some households are paying $10,000-$15,000 per year."
"1 in 5 Australians are underinsured or completely uninsured for natural disasters. The protection gap widens every year as premiums rise."
"The 2019-2020 Black Summer bushfires caused $2.3B in insured losses. Many homeowners had no cover at all. Claims took 6-18 months to resolve."
"Lismore 2022 flooding: $5.6B in damage, thousands uninsured. The average claim took 4+ months. Many are still waiting."
"Parametric insurance can pay within 72 hours of a disaster event. Traditional claims average 3-6 months, with 22% of consumers avoiding filing altogether."
Parametric insurance products require an APRA license or partnership with a licensed insurer. This is the biggest barrier — but once through, it becomes the strongest competitive moat in the market.
Bureau of Meteorology provides comprehensive weather data, but nobody has built the trigger infrastructure for AU-specific perils — bushfire (FDI), flood (river gauges), cyclone (wind speed), hail (radar). The data moat is wide open.
Suncorp, IAG, QBE all know parametric works globally. But AU insurers have a "wait and see" culture. The ICA and AFCA frameworks lack clear parametric guidance. Nobody wants to go first — which means the first mover wins.
Australians don't know parametric insurance exists. The first company to explain "$10K in your account within 72 hours of a disaster, no paperwork" owns the entire category narrative.
Revenue model: Parametric supplement policies at $30-$50/month per household. 10,000 households × $40/month = $4.8M ARR. Expansion into commercial, agriculture, and reinsurance layers.
The AI engineering, data infrastructure, and product.
The insurance domain expertise, actuarial science, and industry trust.
This is a co-founder search, not a job ad. I'm looking for someone who wants to own half of this company and build it together from day one.
Insurance/actuarial domain expertise. APRA licensing knowledge. Insurer relationships. Actuarial pricing for AU climate zones.
AI/ML engineering. Weather data pipelines. Trigger detection engine. Consumer product design. Market research already done.
We'll figure out the right structure together. What matters first is whether we're the right fit.
R&D Tax Incentive (43.5%), insurtech accelerator (Startupbootcamp, Insurtech Gateway), then Blackbird / Giant Leap / Square Peg seed round.
"The APRA license IS the moat. No global player will navigate AU-specific parametric regulation for a $500M market. Whoever gets there first, wins."
Approach Hollard, QBE, or Suncorp for underwriting partnership. Define the parametric product structure: triggers, payout amounts, premium pricing. Engage APRA on licensing pathway — sandbox or full license.
Build the trigger engine using BOM weather data, satellite imagery, and river gauge networks. $30/month premium, $10K automatic payout when triggers are met. No claims process — money in your account within 72 hours.
Launch pilot in Northern NSW (flood), Blue Mountains (bushfire), North QLD (cyclone). 500 households. Validate trigger accuracy, payout speed, and customer trust. Apply for R&D Tax Incentive and insurtech grants.
Add cyclone category triggers, hail radar triggers, and commercial property parametric products. Integrate with mortgage providers and banks. Target 5,000 households. Approach Blackbird / Giant Leap for seed round.
Secure standalone APRA General Insurance License. National rollout across all AU climate zones. Agriculture vertical. Reinsurance layer. Target 50,000+ policies and $4.8M+ ARR. Series A path.
If you understand insurance regulation, have actuarial expertise, or know the AU insurance industry from the inside, I'd like to hear from you.
Thanks for reaching out. I'll get back to you within 24 hours. Looking forward to the conversation.