FloodFlash announce US expansion
FloodFlash expands to support additional US states
FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance, has today announced its expansion to a further 10 US states.
Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont and Massachusetts now have unrestricted access to the parametric product. They join Florida, Texas, California, Virginia and Louisiana.
FloodFlash is available across the states, however minimum premiums do apply for risks outside of the states above. Due to demand, FloodFlash has reduced that minimum premium to $25,000, with the intention to make their sensor-based parametric approach available to more of the businesses and public entities that need it most.
FloodFlash reactions
FloodFlash CEO Adam Rimmer comments: “America plays host to the largest flood protection gap in the world. Population growth, urbanisation and climate change are all making it harder for traditional insurance to underwrite catastrophic flood risks. That’s where FloodFlash comes in.
“We’ve identified that sensor-based parametric insurance is the best way to provide affordable flood insurance in locations and sectors where many providers are reducing their flood offering. This expansion renews our mission to help more American businesses and communities recover from catastrophic flooding using parametric insurance. I’d like to extend a thanks to our capacity and broker partners for supporting those efforts.”
FloodFlash US Commercial Director Rich Coyle added: “We look forward to helping more businesses protect themselves from flood damage related to severe convective storms and snow melt as well as helping gulf and east coast risks prepare for the upcoming hurricane season. We’re also committed to visiting all corners of the country in the next few months to connect with brokers across the industry to better understand their difficulties securing flood coverage for their clients.”
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.