48% of businesses worry about flooding as a threat to the UK economy
FloodFlash launch new report on commercial flood risk as part of flood risk awareness campaign
FloodFlash, the insurtech offering rapid-payout insurance, has launched a campaign to grow awareness of the threat that British businesses face from flooding. The centrepiece for driving awareness during ‘Flood February’ is the Commercial Risk Report.
The risk report is a piece of research taking comprehensive view of commercial flood risk across the country. The report uses data from FloodFlash partners JBA, Ordnance Survey and the Environment agency to give businesses and their brokers access to the same insight that FloodFlash uses to price quotes. It also includes bespoke YouGov research carried out to 1,000 financial decision makers to better understand commercial attitudes to flood.
Headline figures from the report:
- 18% of commercial properties in Britain are at moderate or greater risk of flooding
- East Riding of Yorkshire is the area with the highest proportion of commercial properties at risk: 37% are in a 200yr flood zone or worse, compared to Midlothian where fewer than 10% are at risk
- Retail (32%) and industrial (21%) properties make up over 50% of all commercial properties at risk of flooding
- 71% of businesses surveyed are aware of their flood risk, but only 44% agree that they have comprehensive flood cover
- 60% of businesses with a moderate or significant risk struggle to find affordable flood cover
The February campaign, set to reach thousands of commercial lines brokers throughout the month, follows record-breaking claims in January. FloodFlash paid Storm Christoph claims in January within 9 hours and 44 minutes. The time is measured from the flood triggering the policy to the client receiving their settlement in full. The Christoph claims beat the previous record of 26 hours and 15 minutes set during Storm Ciara in February 2020.
FloodFlash CEO Adam Rimmer said of the report: “Only 44% of the businesses we surveyed claim to have comprehensive flood cover. No insurer or broker should be comfortable with that statistic – and it’s one that needs to change. The first part of dealing with a risk is knowing the threat is poses to your business. That’s what the risk report is for.”
FloodFlash co-founder Dr Ian Bartholomew adds: “When we started FloodFlash we found a lot of insight about flooding in relation to residential property but that very little was known about businesses. This report is designed to redress the balance and make sure that the businesses that are so vital to communities across the UK have a similar understanding of their risk. That way they are empowered to do something about it.”
To download the full report CLICK HERE
If you would like to make contact with FloodFlash to discuss the report or to find out more about their proposition CLICK HERE leave a message and youTalk-insurance will pass your enquiry on
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.