2024 parametric predictions from FloodFlash experts
The start of any year typically brings expert predictions around the trends and topics that might dominate the year. The 2024 industry predictions are wide-ranging, from the role AI will continue to play in insurance, to customer-centricity and climate change. We asked a few of our FloodFlash experts their predictions for the year. Keep reading to find out what they said.
Parametric growth
One of the hot topics was the continued growth of parametric insurance. Ciana says: ‘As climate change gets worse, businesses will require more creative solutions to safeguard their assets. Heavy rain and widespread flooding in 2023 may force many traditional insurers to step away from the riskiest locations, and parametric insurance is one of the creative solutions that can fill this gap.’
A better understanding of flood risk
The team also predicted an improved understanding around flood risk. With storms hitting much of the UK over the last few months, many businesses have felt the impacts of flooding. As Thomas comments: ‘With each storm the UK faces, businesses will become more and more aware of the need for comprehensive flood cover.’
Continued support
The team also had an optimistic view of what the next year looks like for FloodFlash. Joel said: ‘Brokers know the high standard they can expect from our teams. I’m confident more brokers and businesses will love our product.’
We’ve got plenty in the pipeline to continue to improve how we support brokers and clients. Stay tuned to be the first to find out.
Over to you
What are your predictions for this year? Are you seeing more customers with reduced cover, high excesses, or outright exclusions at renewal after the recent storms? Are you seeking alternative sources of flood coverage ahead of SCS and hurricane season? Brokers using alternative means of transferring flood risk will be the best equipped to support and protect their clients.
Get in touch, and we can support you through the process.
Authored by FloodFlash
About FloodFlash
FloodFlash is a new type of rapid-payout flood insurance. It uses the latest data modelling and connected tech to bring parametric insurance to the mass market for the first time. The result is fast, easy and flexible cover that pays claims within days of a flood.
FloodFlash is parametric or `event-based` insurance. When buying the cover, the client chooses the depth of flooding they wish to insure against and how much they’d receive when that flood happens. When the FloodFlash sensor installed at the property detects flood water at the selected depth, the claim is paid in full. No waiting. No haggling.
FloodFlash rapid-payouts were put to the test in February 2020 when Storm Ciara swept across the UK. Claims related to the storm were paid in full within a single day. That speed of claims payment remains the fastest and best proof of mass-market parametric insurance to date gaining acclaim at industry awards and recognition from The Times, The Telegraph and the BBC.
FloodFlash operates across Britain, is headquartered in London. Floodflash is a registered coverholder at Lloyd`s of London and is authorised and regulated by the Financial Conduct Authority.