Insurance is meant to serve as a financial safety net, but the increasing frequency and severity of climate-related disasters are exposing deep flaws in how that safety net is delivered. Traditional models, especially for homeowners, renters, and small businesses, are no longer keeping pace with the changing environment.

In this episode of InsurTech Amplified, Nakita Devlin, the Founderand CEO of Ric Insurance explains why she believes the insurance industry must urgently evolve to meet the moment. Traditional models, especially for homeowners, renters, and small businesses, are no longer keeping pace with the changing environment. As property values rise and recovery costs soar, the gap between what insurance promises and what it delivers continues to widen.

To address these issues, new approaches are emerging that prioritize speed, accessibility, and relevance. Parametric insurance—triggered by weather data rather than lengthy claims processes—offers faster financial relief. Technology is playing a crucial role in making these products scalable and responsive, while alternative distribution methods, like employee benefits or community-based programs, are helping reach those most at risk. By focusing on transparency, regulatory reform, and targeted innovation, Nakita believes there’s a path forward to build insurance that truly meets the demands of a climate-challenged world.