FloodFlash and Munich Re announce new parametric partnership


Authored by FloodFlash

FloodFlash, the first insurtech startup to offer parametric flood insurance to the mass market, announced a landmark agreement with Munich Re.

The relationship between FloodFlash and Munich Re began with Munich Re providing capacity for FloodFlash consultancy service FloodFlash+ which serves large and complex risks. Munich Re have now assumed the lead role in providing capacity for the principle FloodFlash business that provides rapid-payout flood cover for SMEs and landlords.

The new partnership provides a platform for international expansion as well as increasing the cover limits available to the insurtech in the UK. It will give FloodFlash access to advanced underwriting and innovation support. FloodFlash now hopes to provide more quotes across the UK and fuel international growth in other markets. Notable flood protection gaps such as the US, Germany and Australia.

According to NOAA, inland flooding caused more than $151 billion in damages across the US in the last 40 years. Despite the prevalence of flood risk in America, only 5% to 15% of homeowners, and fewer than 5% of small to mid-size businesses, carry flood insurance1. This represents a massive opportunity for FloodFlash, who have already made an impression on the UK protection gap.

Beyond simply providing cover, FloodFlash recently set new records for the fastest property flood claim during Storm Christoph in January 2021. They paid one client in full just 9 hours and 44 minutes after flooding. Most FloodFlash clients are paid within 48 hours. These rapid payouts provide a lifeline to businesses that have been rocked by months of insecurity caused by COVID disruption.

FloodFlash and Munich Re partnership reactions

FloodFlash CEO Adam Rimmer comments: “We couldn’t be happier in growing our relationship with Munich Re. They have a proven track record for supporting innovative products. Their pedigree in the parametric insurance space makes us even better suited.”

“This partnership will ensure we can move faster and provide more flexible covers to our customers and provide a springboard for international expansion. We will set the standard for how underwriters and insurtechs can work together to address industry issues, starting with the $58bn yearly global flood underinsurance problem.”

Stuart Newcombe, Active Underwriter of the Munich Re Innovation Syndicate comments: “We are really excited to increase the scope of our partnership with FloodFlash. I look forward to working together on parametric flood insurance, filling a very significant insurance gap.”


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.