Overview
Raincoat is a Puerto Rico-based parametric insurance platform that delivers fast-paying climate disaster coverage to individuals and businesses in underserved markets across Latin America and the Caribbean. Founded in 2019 after CEO Jonathan Gonzalez witnessed the devastation of Hurricane Maria in Puerto Rico in 2017, Raincoat works with insurers, reinsurers, and governments to provide parametric policies that automatically pay out when a defined climate event occurs.
Unlike traditional indemnity insurance, Raincoat’s parametric model enables claim payments within 15 days of a qualifying event, without requiring loss adjustment. The company has active programs in Puerto Rico, Jamaica, Mexico, and Colombia.
At a Glance
- Founded
- 2019
- Headquarters
- San Juan, Puerto Rico
- Funding
- USD 11M total raised
Category & Focus
- Category
- Parametric Insurance
Links
Last updated: 2026-05-17